• 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…
  • 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…
  • RT7YEBQ2Y5OTFAPMEIUUQSOKIE
    Binance Nigeria Is An Illegal Operations Per The SEC…
  • images (4)
    Binance Introduces a User—Friendly Integration,…

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

    • Meta AI Reaches 1 Billion Monthly Users May 31, 2025
    • XChat, X’s New DM Feature, Available in Beta Testing May 31, 2025
    • Gmail Adds Gemini AI Summary Cards in May Update May 31, 2025
    • Nigeria Shines at Huawei ICT Competition May 31, 2025
    • 22 Nigerian Banks Join PAPSS Cross-Border Payment System May 31, 2025
    • Nintendo’s Hardware Finally Matches Switch Ambitions May 31, 2025

    Browse Archives

    June 2025
    M T W T F S S
     1
    2345678
    9101112131415
    16171819202122
    23242526272829
    30  
    « May    

    Quick Links

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