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Binance International have confirmed with Global Crypto that the exchange is aware of the notice published by the South Africa FSCA on September 3.

“At the outset, we would like to take this opportunity to clarify that Binance.com does not provide financial advice or render any intermediary services. We have clearly set this out in our terms of use, which can be found here at: https://www.binance.com/en/terms,” the statement read.

As the FSCA stated in its notice, cryptocurrency related activities are currently not regulated by it or any other body in South Africa. Binance have said that in order to bridge the gap and to uphold their commitment to protecting their users, Binance.com has set stringent and industry-first standards.

“We have recently implemented the Intermediate Verification requirement for all users which supports Binance’s Know Your Customer (KYC) and Anti-Money Laundering (AML) efforts,” the company confirmed. “In addition, to ensure that our users are as protected as possible, since 2018, Binance.com has implemented a Secure Asset Fund for Users (SAFU) where we allocate 10% of all trading fees received into it to offer protection to our users and their funds in extreme cases.”

The statement continued, “Furthermore, Binance.com is committed to taking a collaborative approach in working with regulators and law enforcement globally, and in particular, Binance.com is continuously collaborating with the FIC (Financial Intelligence Centre), the major regulator of financial crimes in South Africa. Binance.com is registered with the FIC as a voluntary self-disclosure institution. As a member of this programme, Binance complies with the FIC Act obligations relating to establishing and verifying of clients’ identities, record keeping and reporting suspicious or unusual transactions in terms of section 29 of the FIC Act.”

In the course of 2021 to date, Binance.com have stated to Global Crypto that the company have collaborated with the FIC on over 462 cases, and in turn, they understand that the FIC collaborates with the FSCA for investigations when necessary. We have reached out to the FSCA for more clarification on their statement and look forward to working with them and addressing any concerns they may have.

In terms of social media outreach, Binance confirm that they have an official Binance South Africa Telegram community which promotes blockchain education and community announcements. The exchange stated that the group is not intended, nor does it provide any financial advice, saying that the community is moderated by Binance staff, admins and “Binance angels” (community volunteers).

Concluding the communiqué, Binance stated that they do not have an associated entity named “Binance Group” in Seychelles.

James Preston
James Preston is the Executive Editor of Global Crypto. He is a writer and media commentator who has been reporting on how the Tech industry will make the world a better place for 14 years, with a large following on South African radio. He is an early adopter of Bitcoin, and began reporting on its revolutionary capabilities in late 2014. Philosophical by nature, he is intrigued by how the world works, and in turn, how it can be bettered. James believes wholeheartedly that the world can become as close to perfect as we humans can imagine, but it will take a lot of effort (and time) to get there. He believes his life purpose is to inspire people to believe this, and find their place in helping humanity achieve it. James regularly does talks on emerging technology and its impact on society at Universities, global conferences, and events. To invite him to speak at your event, or comment for your media outlet, email info@globalcrypto.tv
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