Binance pushes back against warning from South Africa regulator

In response to a warning from South Africa’s Financial Sector Conduct Authority, major cryptocurrency exchange Binance has said it is in compliance with local regulators and is not offering financial advice or intermediary services to residents.

In a Friday statement from Binance, the crypto exchange implied the warning from the Financial Sector Conduct Authority, or FSCA, lacked authority because the group does not have the power to regulate “crypto-related investments” in South Africa. The exchange also pushed back against allegations that South Africans used the Binance South Africa Telegram group to access services for the crypto exchange, saying the online community promoted blockchain education, but did not provide financial advice or services.