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 Bitcoin.com 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.”
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