South Africa’s financial regulator issues a warning to anyone thinking about investing with global crypto exchange Binance.
Investors should be “cautious and vigilant” about dealing with the crypto exchange because the company is “not authorized to give any financial advice or render any intermediary services” in South Africa, according to a press release by the nation’s Financial Sector Conduct Authority (FSCA).
“The FSCA would like [to] caution that in addition to this entity not being authorized to provide any financial services or business, crypto-related investments are currently not regulated by the FSCA or any other body in South Africa.
As a result, if something goes wrong, you’re unlikely to get your money back and will have no recourse against anyone.”
The regulators specifically mention an entity named “Binance Group,” which they claim is based in Seychelles. However, a Binance spokesperson tells The Block that Binance doesn’t have an entity named “Binance Group” based in Seychelles and that Binance.com doesn’t provide financial advice or render any intermediary services.
The spokesperson also said in a company Telegram group open to the South African public that Binance “promotes blockchain education and community announcements. It is not intended, nor does it provide any financial advice.”Check Price Action
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Anson_shutterstock/vrender