Binance resumes offering futures trading products to South African users – Emerging Markets Bitcoin News

Binance, one of the world’s largest cryptocurrency exchanges by volume, said its futures products are now eligible for South African users. In a message to its users, Binance indicated that it has resolved issues with the regional regulator and that its activity in South Africa is now above board.

Products offered have not changed.

Almost a year after Binance blocked South African users from accessing its futures trading platform, the crypto exchange says its fixed and delivery futures contracts are now available to eligible users in the country. In a statement, the crypto exchange said the type of futures products offered to its users “has not changed from Binance’s previous futures in South Africa”.

The cryptocurrency exchange, however, says it has changed the way such product offerings are made available to South African consumers. As reported by News in October 2021, Binance said it would stop South African users from accessing its “futures, options, margins and leveraged tokens products”.

The crypto exchange’s sudden decision comes shortly after a regulator, the Financial Sector Conduct Authority (FSCA), warned the public against dealing with Binance. At the time, the regulator stated that the crypto exchange was not licensed to provide any financial advice or provide any intermediary services in South Africa.

Legal representative

However, in a message to users, Binance indicated that it has fixed the issues with the regulator and that activity in South Africa is now above board:

From 2022-09-26 USDS-M and COIN-M perpetual and delivery futures contracts are available to South African users on Binance through a legal representative arrangement with FiveWest OTC Desk (Pty) Ltd (FiveWest).

Fivewest is a financial services provider licensed under the Financial Advisory and Intermediary Services Act 2002 and its FSP number is 51619. To ensure that Binance complies with local laws, the crypto exchange Brickhouse – a member of the “Binance Group of Companies” – “provides derivative products as the legal representative of Five West to users in South Africa.”

Register your email here to get Africa News Weekly delivered to your inbox:

What do you think about this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is an award-winning Zimbabwean journalist, writer and author. He has written extensively about the economic woes of some African countries and how digital currencies offer Africans an escape route.

Image credits: Shutterstock, Pixabay, Wiki Commons

DisclaimerThis article is for informational purposes only. It is not an offer or solicitation to buy or sell, or a recommendation or endorsement of any products, services or companies. does not provide investment, tax, legal or accounting advice. Neither the Company nor the Author shall be liable, directly or indirectly, for any damages or losses arising out of the use of or reliance on any content, goods or services referred to in this paragraph.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *