coindesk.com
South Africa’s Financial Sector Conduct Authority, which regulates financial products and services, warned people to be “cautious and vigilant” in their dealings with Binance, the world’s largest crypto exchange.
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Binance, which has come under increasing regulatory pressure in recent weeks, isn’t authorized to provide advice or services in the country, the authority said.
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“In addition to this entity not being authorised to provide any financial services or business, crypto-related investments are currently not regulated by the FSCA or any other body in South Africa,” it said in a statement.
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Since the exchange isn’t regulated, customers have no recourse and risk losing any investments if something goes wrong, it said.
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Binance has faced a string of warnings from regulators and other bodies around the world, which have spurred its attempts to become more proactive in its dealing with regulators.