South Africa's Financial Sector Conduct Authority (FSCA) has warned the land's public against dealing with crypto commutation platform Binance.

In a argument issued on Fri, the FSCA stated that Binance Grouping, an "international company" domiciled in Republic of seychelles, was not authorized to render financial services in the state. Binance is headquartered in the Cayman Islands and Republic of seychelles.

Equally function of the warning, the FSCA indicated that South Africans were using a Telegram group to gain admission to Binance'due south crypto exchange services in the country.

In add-on to the warning against using Binance, the financial regulator also reminded South Africans that crypto investments are not regulated in the state. "As a result, if something goes incorrect, y'all're unlikely to get your coin back and volition have no recourse confronting anyone," the FSCA argument adds.

The FSCA too enjoined the South African public to confirm the registration status of entities in the fiscal and investment infinite before doing business with such companies.

Binance did not immediately reply to Cointelegraph's request for comments on the affair.

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The statement by the FSCA is simply the latest in a series of warnings and outright bans against Binance by financial regulatory authorities in several jurisdictions.

On Thursday, the Budgetary Authority of Singapore ordered Binance to stop offering services in the country over a potential infringement on payment regulations.

Dorsum in August, the Dutch Cardinal Bank alleged that Binance was operating illegally. The crypto substitution giant has come under intense scrutiny from regulators in places like Italian republic, Japan, Thailand, the United States and the United Kingdom, to mention a few.

For its part, Binance has stressed its willingness to cooperate with regulators and has fifty-fifty enacted a mandatory identity verification scheme for all users.