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Binance imposes restrictions on users in South Africa

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Binance imposes restrictions on users in South Africa

Bitcoin exchange Binance has closed clients from South Africa access to margin trading, leveraged tokens, and cryptocurrency derivatives (futures and options). The company explained the move by its desire to comply with local laws.

Users were barred from opening new accounts for these products. Clients were given 90 days to close positions – on January 6, 2021, they will be automatically liquidated.

In early September, the South African Financial Sector Oversight Authority called on investors to be “careful and vigilant” when dealing with Binance. The department noted that the company is not authorized to provide financial advice and intermediary services in the country.

Earlier, the cryptocurrency exchange imposed restrictions on users from Singapore. In September BUT included the platform in the “list of warnings for investors”.

Over the past few months, financial regulators in several countries, including the UK, the Netherlands, Italy, Poland, Japan, Thailand, Hong Kong and several others, have issued warnings to investors regarding the exchange’s activities.

Against this backdrop, CEO Changpeng Zhao released an open letter outlining its plans to ensure compliance and protect customers.

In September, the CEO of Binance announced that the exchange would abandon a “decentralized” business model. This form of governance prevents regulatory approval in jurisdictions with strict licensing regimes, he said.

In a recent conversation with Reuters, Zhao noted that the company will establish a number of headquarters around the world, including in Ireland. In September, Binance registered three subsidiaries in the country.

Recall that the bitcoin exchange has hired a former special agent IRS Tigran Gambaryan as the company’s vice president for global intelligence and investigations.

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