• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

South Africa And Singapore Add To The List Of Countries To Warn Against Binance

Ibhadojemu Emmanuel by Ibhadojemu Emmanuel
September 4, 2021
in Uncategorised
Share on FacebookShare on Twitter


South Africa and Singapore join the list of countries to warn against cryptocurrency exchange platform
Binance. Regulators in South Africa and Singapore warned that the global cryptocurrencyexchange is in violation of their regulatory laws.

South Africa’s Financial Sector Conduct Authority, on Friday, issued a notice to warn against Binance, stating: “The Financial Sector Conduct Authority (FSCA) warns the public to be cautious and vigilant when dealing with Binance Group as they are not authorized to give any financial advice or render any intermediary services in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act) in South Africa.” The regulatory authority highlighted that Binance’s crypto-related investments were currently not regulated by the Financial Sector Conduct Authority (FSCA), or any other body in South Africa.

In the same vein, the Monetary Authority of Singapore (MAS), the country’s central bank that supervises the cryptocurrency sector in the country, issued a statement on Thursday which stated that the operations of Binance.com (the international version and main exchange) in the country were in breach of the Payment Services Act.

The Monetary Authority of Singapore (MAS) also stated that Binance.com is required to stop providing payments to Singapore residents and to “cease soliciting such business from Singapore residents.” Currently, Binance is listed on Singapore’s central bank’s Investor Alert list, which serves to warn consumers that the company is not authorized to provide any payment services in Singapore.

Responding to the MSA’s notice on Binance.com, Binance Singapore, which operates under Binance Asia Services, said that the notice has no direct impact on the services it provides. “Binance Singapore (Binance.sg) is a separate legal entity from Binance.com, with its own local executive and management team and does not offer any products or services via the Binance.com website or other related entities, and vice versa,” Binance Singapore said.

In a separate statement, Binance.com said that it was actively working with Singapore’s Monetary Authority to address concerns that they may have through constructive dialogue. “We take our compliance obligations very seriously. We are actively keeping abreast of changing policies, rules, and laws in this new space. We will work closely with MAS and other global regulators to comply with the relevant regulatory standards,” Binance.com said.

In the past months, Binance has been the target of scrutiny and probes from global regulators. In April, German regulators mentioned that the exchange risked being fined for offering tokens connected to stock. In May, Binance was under investigation by the U.S. Justice Department and Internal Revenue Service. In June, the U.K. Financial Conduct Authority (FCA) banned Binance from undertaking any regulated activity in the country. Japan’s financial regulator also warned that Binance was operating in the country illegally. In July, Thailand’s Securities and Futures Commission filed a criminal complaint against Binance on claims that it was operating a digital asset business without a license. Governments and financial watchdogs have also enacted stringent rules that now act as barriers restraining the activities of crypto exchanges like Binance.

Currently, Binance Asia Services is prevented from holding a license under Singapore’s Payment Services Act for the provision of digital payment token services as its license application has been placed under review.

Related Posts:

  • 98E37249-0F06-42D9-802D-8A0A2966125B
    South Africa Declares Crypto Assets As Financial Products
  • The South African Reserve Bank (SARB) has Revealed Plans to Regulate the Crypto Market.
    The South African Reserve Bank (SARB) has Revealed…
  • The Dutch Central Bank (DNB) Fines Crypto Exchange Binance 3.3 Million Euros For Offering Services Without Being Registered
    The Dutch Central Bank (DNB) Fines Crypto Exchange…
  • microsoft-adobe-at-ignite
    Alibaba's Ant Group Launches New Digital Bank Called…
  • South Africa Has Its Eyes On A Central Bank Digital Currency In The Long Term, Its Short Term Concerns Lie Around Regulating Crypto Assets
    South Africa Has Its Eyes On A Central Bank Digital…
  • sa currency
    South Africa Plans Digital Currency In Future As It…
  • Roqqu-approved-in-SA
    Roqqu Has Set Up Cryptocurrency Exchange Operations…
  • Nigeria And Binance In Talks To Launch Digital Economic Hub To Develop Blockchain Technology
    Nigeria And Binance In Talks To Launch Digital…

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Ibhadojemu Emmanuel

Ibhadojemu Emmanuel

Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • Truecaller Filters Verified Business Messages May 12, 2025
    • ChatGPT Deep Research Now Links to GitHub Repos May 12, 2025
    • Microsoft Offers Guide to Fix Windows Blue Screen Errors May 12, 2025
    • We’ve Invested $10b in Nigeria so Far – MTN May 12, 2025
    • Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 3 May 11, 2025
    • Google’s Antitrust Showdown, AI vs. Search, and other Headlines May 11, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Popular Tags

    africa (135) AI (498) android (367) app (717) Apple (577) artificial intelligence (419) business (482) china (132) cryptocurrency (210) ecommerce (122) enterprise (287) facebook (507) fintech (244) funding (121) gadget (558) gaming (201) google (710) government (469) instagram (173) internet (467) ios (291) iphone (246) meta (116) microsoft (369) mobile (352) new feature (384) nigeria (440) privacy (158) research (140) samsung (185) security (421) smartphone (277) social media (836) software (509) startup (419) streaming (174) telecom (242) tips (372) twitter (289) united states (216) users (158) videos (127) website (173) whatsapp (201) youtube (138)

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy

    About Us

    TechBooky

    TechBooky is a social Tech blog with a special focus on the budding African Technology sector. TechBooky is currently based in Abuja, Nigeria.

    Recent News

    Truecaller Filters Verified Business Messages

    Truecaller Filters Verified Business Messages

    May 12, 2025
    ChatGPT Deep Research Now Links to GitHub Repos

    ChatGPT Deep Research Now Links to GitHub Repos

    May 12, 2025
    Microsoft Offers Guide to Fix Windows Blue Screen Errors

    Microsoft Offers Guide to Fix Windows Blue Screen Errors

    May 12, 2025
    The NCC Commissioned MTNN To Lease Spectrums From NTEL And Renew Its 3G Spectrum

    We’ve Invested $10b in Nigeria so Far – MTN

    May 12, 2025
    Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 1

    Tech Hype vs. Reality – When Big Tech Missed the Mark Pt. 3

    May 11, 2025
    Google’s Antitrust Showdown, AI vs. Search, and other Headlines

    Google’s Antitrust Showdown, AI vs. Search, and other Headlines

    May 11, 2025
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok