After Warnings from South African Regulators Binance Rejects Accusations It Provides Financial Advice – Regulation Bitcoin News
Beleaguered crypto exchange, Binance, has launched an announcement through which it denies accusations that gives monetary recommendation or renders any middleman providers. In an announcement launched on Twitter lower than 24 hours after the Financial Sector Conduct Authority (FSCA)’s warning, the crypto exchange additionally denies having any ties or hyperlinks to the group “Binance Group.”
Binance Not Associated With Binance Group
Instead, Binance suggests in its September 3 Twitter thread that the FSCA might need erred when it issued the warning. The thread defined:
Binance Group’ isn’t a Binance.com entity, please be aware of scammers pretending to be related to Binance.com.
As reported by Bitcoin.com News, the FSCA did ask South Africans to be “cautious and vigilant when dealing with Binance Group” as a result of the crypto platform isn’t approved per South African legal guidelines. The FSCA additionally alleges that Binance — which it says is located in Seychelles — maintains a Telegram chat group that “members of the South African public can join to gain access to its exchange platform.”
In its riposte, Binance acknowledges that it has a Telegram group however is fast to level out that that is merely for selling “blockchain education and community announcements.” Binance additionally added:
It’s not meant, nor does it present any monetary recommendation. This group is moderated by admins and Binance angels.
Binance Collaborating With South African Regulators
Meanwhile, in one other statement, Binance stated it’s dedicated to “taking a collaborative approach in working with regulators and law enforcement globally.” Binance is alleged it’s “continuously collaborating with the Financial Intelligence Centre (FIC), the major regulator of financial crimes in South Africa.”
In reality, because the assertion explains, Binance has already “collaborated with the FIC on over 462 cases.” Binance goes on to state that the FIC itself “collaborates with the FSCA for investigations when necessary.” Despite mentioning that the exchange is already working with regulators, Binance confirmed it had “reached out to the FSCA for more clarification on their statement.”
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