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After Warnings from South African Regulators Binance Rejects Accusations It Provides Financial Advice Skip to main content

After Warnings from South African Regulators Binance Rejects Accusations It Provides Financial Advice

Beleaguered crypto exchange, Binance, has released a statement in which it denies accusations that provides financial advice or renders any intermediary services. In a statement released on Twitter less than 24 hours after the Financial Sector Conduct Authority (FSCA)’s warning, the crypto exchange also denies having any ties or links to the organization “Binance Group.”

Binance Not Associated With Binance Group

Instead, Binance suggests in its September 3 Twitter thread that the FSCA might have erred when it issued the warning. The thread explained:

Binance Group’ is not a Binance.com entity, please be mindful of scammers pretending to be associated with Binance.com.

As reported by Bitcoin.com News, the FSCA did ask South Africans to be “cautious and vigilant when dealing with Binance Group” because the crypto platform is not authorized per South African laws. The FSCA also alleges that Binance — which it says is situated in Seychelles — maintains a Telegram chat group that “members of the South African public can join to gain access to its exchange platform.”

In its riposte, Binance acknowledges that it has a Telegram group but is quick to point out that this is merely for promoting “blockchain education and community announcements.” Binance also added:

It’s not intended, nor does it provide any financial advice. This community is moderated by admins and Binance angels.

Binance Collaborating With South African Regulators

Meanwhile, in another statement, Binance said it is committed to “taking a collaborative approach in working with regulators and law enforcement globally.” Binance is said it is “continuously collaborating with the Financial Intelligence Centre (FIC), the major regulator of financial crimes in South Africa.”

In fact, as the statement explains, Binance has already “collaborated with the FIC on over 462 cases.” Binance goes on to state that the FIC itself “collaborates with the FSCA for investigations when necessary.” Despite pointing out that the exchange is already working with regulators, Binance confirmed it had “reached out to the FSCA for more clarification on their statement.”

What are your thoughts on this response by Binance? Tell us what you think in the comments section below.

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