Singapore, South Africa, last countries to warn against Crypto Exchange Binance – Bitcoin News regulations

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The list of regulators warning that Binance is operating illegally in their jurisdictions continues to grow. The authorities in Singapore and South Africa are the latest to warn that the global cryptocurrency exchange could violate their local laws.

South Africa’s Financial Sector Conduct Authority warns against Binance

The South African financial regulator issued an advisory about Binance on Friday, saying:

The Financial Sector Conduct Authority (FSCA) warns the public to be careful and vigilant when dealing with the Binance Group, as they are not authorized to give financial advice or provide intermediary services within the meaning of the law of. 2002 on Financial Advisory and Intermediary Services (FAIS Act) in South Africa.

The notice describes Binance Group as “an international company located in Seychelles that has a telegram group that members of the South African public can join to access their cryptocurrency exchange.”

Further, the regulator noted that “crypto-related investments are currently not regulated by the FSCA or any other body in South Africa.”

Monetary Authority of Singapore (MAS) asks Binance to stop providing payment services

Binance is also struggling in Singapore. The Monetary Authority of Singapore (MAS), the country’s central bank that oversees the crypto industry in the country, released a statement about Binance on Thursday, saying:

MAS has reviewed the operations of Binance.com and is of the opinion that Binance, the operator of Binance.com, may be in violation of the payment services law.

The central bank added, “Binance is required to stop providing payment services… to residents of Singapore and to stop soliciting such business from residents of Singapore. “

The MAS also put Binance.com on its investor alert list, warning consumers that the company is not licensed to provide payment services in Singapore. Binance Asia Services (BAS), a separate entity that operates Binance.sg, has applied for a license from the central bank.

Binance announced last week that it has hired a former regulator as the new CEO for its Singapore operations. Binance said it aims to become “a leader in regulatory compliance” by becoming a financial services company.

The global crypto exchange has recently become the subject of many regulators, including those in the UK, Netherlands, Thailand, Malaysia, Japan, Germany, Hong Kong, and Lithuania. . They claimed that Binance had operated without authorization in their jurisdictions.

What do you think of all those regulators warning that Binance is operating without authorization? Let us know in the comments section below.

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