Binance starts offering futures trading products to South African users
South African Crypto
Modified Date:- Published Date:-Categories: Cryptocurrency
Binance startsoffering futures trading products to South African users
Theproducts were offered nearly a year after
As reportedby Bitcoin.com News in October 2021, Binance said it would stop South Africanusers from accessing its “futures, options, margin, and leveraged tokensproducts.” The crypto exchange’s abrupt decision came shortly after aregulator, the Financial Sector Conduct Authority (FSCA) warned the publicagainst having dealings with Binance. At the time, the regulator revealed thatthe crypto exchange was not authorized to offer any financial advice or renderany intermediary services in South Africa.
In astatement, the crypto exchange told its users that the type of futures productsbeing offered “has not changed from Binance’s previous futures products inSouth Africa.” The cryptocurrency exchange, however, said that it haschanged the way it provides such product offerings to South African users.
Binance blockedSouth African users from accessing its futures trading platform, the cryptoexchange has said that perpetual and delivery futures contracts are nowavailable for eligible users in the country.
Judicialrepresentative However, in a message to users, Binance suggested that it hasfixed the issues with the regulator and that its activities in South Africa arenow above board. FiveWest is a licensed financial services provider in terms ofthe Financial Advisors and Intermediary Services Act, 2002 and its FSP numberis 51619.
In order toensure that Binance complies with local laws, the cryptocurrency exchange’sstatement said that Brickhouse – a member of the “Binance Group ofCompanies” – will “serve derivatives users in South Africa as a legalrepresentative of FiveWest.” products will be offered."
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