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Binance Is Not Authorized To Operate in South Africa, Regulator Says

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The Financial Sector Conduct Authority (FSCA) of South Africa issued a press release saying that Binance Group is not authorized to operate in the country.

Every day an increasing number of countries turn their back on Binance, sending warnings to their users, letting them know that if they use the exchange, they are basically on their own in case of any inconvenience.

A few hours ago, the Financial Sector Conduct Authority (FSCA) of South Africa issued a Press Release stating that Binance was not authorized to operate in the country.

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The regulatory body assures that the company does not have the necessary registration to offer brokerage services or give investment recommendations in the country.

The Financial Sector Conduct Authority (FSCA) warns the public to be cautious and
vigilant when dealing with BINANCE GROUP as they are not authorized to give any
financial advice or render any intermediary services in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act) in South Africa.

New Zealand Breaks Up With Binance

Binance’s situation is relatively complex. Binance Group is a conglomerate of companies grouped under the franchise, and broadly speaking, brings together all of the regional branches and subsidiaries of the global crypto exchange.

Binance does this in order to have regulated headquarters in strategic markets, adapting an entity to the standards of each country without compromising its plans or policies as a global corporation. Binance.US, —which unlike Binance.com, does not support XRP— is a clear example.

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If plans do not go as expected, Binance can close its local subsidiary and continue offering its services through the global platform. This, for example, happened in the middle of last year when Binance decided to close its subsidiary in Uganda.

South Africa’s warning targets the global group, i.e., no national can operate any Binance subsidiary and expect protection from the authorities in case of mishaps. The FSCA explains that “if something goes wrong, you’re unlikely to get your money back and will have no recourse against anyone.

The Risk of Trying To Beat The House

Binance has long played with an ambiguous position regarding its headquarters. This has been particularly helpful for its growth, although it is not something that pleases the regulators very much.

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According to the FSCA, Binance Group is a corporation based in Seychelles – a country known for its lax policies regarding cryptocurrencies. HDR Global Trading Limited, the corporation that owns the controversial BitMEX, is headquartered in Seychelles too.

However, for quite some time, there have been contradictions as to where Binance is headquartered. Some claimed it was located in Malta (which the Malta Financial Services Authority later denied), others that it was located in the Cayman Islands, others that it was in Seychelles, but CZ itself has said that the exchange has no headquarters anywhere on the planet.

This stance is starting to backfire on Binance, with countries such as the UK, Japan, Italy, Malaysia, and now South Africa issuing warnings about the lack of authorization to operate – and the lack of legal protection for traders in those countries.

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Binance Suspends Spot Trading and Fiat Channels in Singapore

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Binance.com, the global cryptocurrency exchange platfrom announced the suspension of spot trading, fiat purchase channels, liquid swap, and fiat deposit functions. The suspension would come into effect from 26th October. The exchange also requested Singapore users to withdraw their tokens and cease their trades by the effective date. The exchange in its official press release said,

“As the market leader, Binance constantly evaluates its product and service offerings. We will be restricting Singapore users in respect of the Regulated Payments Services in-line with our commitment to compliance. Users in Singapore are advised to cease all related trades, withdraw fiat assets and redeem tokens by Wednesday, 2021-10-26 04:00 AM UTC (12:00 PM UTC+8) to avoid potential trading disputes.”

Binance’s trouble in Singapore began after the Securities Commission in the country put Binance.com under Investor Alert List. In the wake of the first regulatory action, Binance ceased certain product offerings in the country before suspending key crypto trading features altogether. It is also important to note that Binance’s Sister company in Singapore has applied for a regulatory license and has been granted an exception until a decision is made on its filing despite the global platform facing regulatory scrutiny.

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Binance Continue to Face Regulatory Setbacks

Singapore was considered to be the next home for Binance after facing regulatory scrutiny from nearly a dozen countries. However, the recent series of events suggest Singapore regulators are also going after the global exchange despite harbouring its sister company. The world’s leading exchange’s regulatory troubles seem to meet no end as more countries continue to enforce action against it.

The crypto exchange has taken several decisions to mend its ways with regulators over the past couple of months, right from suspending derivative offerings in several countries to on-boarding regulatory experts. However, that hasn’t changed much, now the crypto exchange plans to establish a centralized headquarters and also looking for a change of CEOs if that can help.

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Binance blocks fiat deposits and spot crypto trading for Singapore users

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Binance has announced some changes to its crypto trading services for customers in Singapore.

According to a statement on its website published on Monday, Singapore-based users will be geo-fenced from certain account functions on the Binance.com website.

Binance users in Singapore will no longer have access to fiat deposits, crypto spot trading, liquid swap and crypto purchases via fiat channels on the website.

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“We will be restricting Singapore users in respect of the Regulated Payments Services in-line with our commitment to compliance,” the statement added.

Based on the new directive, Binance users in Singapore have been urged to cease all related activities impacted by the announcement and to withdraw their fiat and crypto holdings to avoid any disputes.

Monday’s announcement is the latest restriction imposed by Binance on its customers in Singapore. As previously reported by Cointelegraph, Binance initially rolled back some of its product offerings in the city-state.

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At the time, the crypto exchange giant blocked Singapore dollar-denominated crypto trading following warnings from the Monetary Authority of Singapore that the platform had violated local payment laws. A similar action was also taken in South Korea back in August, with the platform halting Korean won-denominated trading.

Binance also blocked users in Singapore from downloading its mobile platform from the Google and Apple app stores.

Binance has seen significant regulatory scrutiny in many jurisdictions across the globe. Consequently, the exchange has been forced to discontinue some of its services in several countries.

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Earlier in September, Binance stated that it will stop crypto futures and options trading in Australia, with users in the country given 90 days to close their positions.

Binance has sought to smoothen these regulatory wrinkles by upscaling its customer identification compliance protocols.

Meanwhile, Binance CEO Changpeng Zhao has stated the company’s intention to comply with regulatory demands while also announcing plans for Binance.US — the exchange’s United States arm — to have gone public by 2024.

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Binance Coin Price Analysis: BNB spikes to $320, ready to slowly regain loss today?

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  • Binance Coin price analysis is bullish for today.
  • BNB/USD saw another spike lower this morning.
  • BNB is rejecting further downside as of now.

Binance Coin price analysis is bullish today as the market saw another quick spike lower this morning, with bulls starting to pick up any further selling pressure. Therefore, we expect BNB/USD to reverse over the next 24 hours and look to regain some of the loss seen over the past few days.

Binance Coin Price Analysis: BNB spikes to $320, ready to slowly regain loss today? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 1.49 and 1.79 percent, respectively. Meanwhile, most of the top altcoins are in the red, with a couple of exceptions, such as UNI and LINK.

Binance Coin price movement in the last 24 hours: Binance Coin drops to $320

BNB/USD traded in a range of $320.37 – $356.37, indicating strong volatility over the last 24 hours. Trading volume has declined by 6.79 percent and totals $1.775 billion, while the total market cap trades around $58.15 billion, ranking the coin in 5th place overall.

BNB/USD 4-hour chart: BNB starts to push higher again

On the 4-hour chart, we can see the Binance Coin price action moving back above the $340 support, indicating bullish pressure over the past hours.

Binance Coin Price Analysis: BNB spikes to $320, ready to regain loss today?
BNB/USD 4-hour chart. Source: TradingView

Binance Coin price action has continued to trade in a bearish momentum this week. After sideways consolidation for most of the last week around the $390-$420 price area, BNB/USD had established a strong base from which to reverse.

However, BNB saw another strong push lower on Monday, quickly taking the market price to $340. A slight upward momentum followed during the middle of the week, with a lower high set around $385.

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Another spike lower to the $340 support was set on Friday. After relatively calm trading yesterday, the Binance Coin price action declined further this morning, with bulls quickly picking up any further selling pressure.

Overall, this price action development indicates we could be seeing exhaustion for bears, and BNB/USD could see a strong reversal next week.

Binance Coin Price Analysis: Conclusion 

Binance Coin price analysis is bullish for today as the spike lower, seen this morning, currently gets regained as bullish pressure has increased. Therefore, we expect BNB/USD to move higher later today and look to return above $360 local resistance.

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While waiting for Binance Coin to move further, read our guides on Decentralized Exchanges, NFT Crypto, as well as Bitcoin Memes.

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