Binance exchange fires back at South Africa regulator

TL;DR Breakdown Binance exchange says it operates legally in South Africa.Exchange denies all allegations leveled on it by FSCA.South Africa becoming crypto friendly slowly. After allegations on Friday by South Africa’s Financial Sector Conduct Authority (FSCA) that Binance exchange operates illegally in the country, the exchange has fired back at the regulator. Binance exchange responded to these allegations in a statement noting that the FSCA has no authority to query its status in the country. The exchange stated in its rebuttal that South Africa’s Financial Intelligence Centre (FIC) was the “major regulator” in the country and not the FSCA that queried them. Binance exchange stated that it has been working closely with the FIC to remain compliant with South African laws. The exchange also said that it has not been offering financial advice or intermediary services to South Africans. Binance exchange rebuff more damning allegations After stating that the FSCA should not question its legal status and that it does not offer financial advice to South Africans as alleged, the exchange said there are no Telegram groups in the country where locals access its services. Binance exchange said it promoted Blockchain education but did not provide financial service or advice to locals. However, the exchange noted that it had gotten in touch with the FSCA to clarify its warning and address any possible concerns. “Binance.com is registe...