Binance Reopens Futures Trading Products to South African Users – Emerging Markets Bitcoin News

Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has announced that its futures products are now available to eligible users in South Africa. In a message to users, Binance rectified issues with local regulators, suggesting that its activities in South Africa are now contrary to public policy.

Offered products No change

Nearly a year after Binance blocked access to its futures trading platform for South African users, the cryptocurrency exchange has announced perpetual and delivery futures contracts are now available to eligible users in the country. . In a statement, the cryptocurrency exchange told users that the type of futures product offered “is unchanged from Binance’s previous futures offering in South Africa.”

However, the cryptocurrency exchange said it has changed the way it offers such products to users in South Africa. In October 2021, as reported by Bitcoin.com News, Binance said it would stop South African users from accessing “futures, options, margin, and leveraged token products.”

The crypto exchange’s sudden decision comes shortly after its regulator, the Financial Sector Conduct Authority (FSCA), warned the public not to trade with Binance. At the time, regulators clarified that cryptocurrency exchanges were not authorized to provide financial advice or provide brokerage services in South Africa.

legal representative

However, in a message to users, Binance has fixed its issues with regulators, suggesting that activity in South Africa is now at an open level.

From 26th September 2022, through a legal representation agreement with FiveWest OTC Desk (Pty) Ltd (FiveWest), South African users will be able to purchase perpetual and delivery futures contracts for USDS-M and COIN-M on Binance. will be available.

Fivewest is a licensed financial services provider under the Financial Advisory and Intermediary Services Act of 2002 and its FSP number is 51619. companies” — “in their capacity as legal representatives of Five West to offer derivative products to users in South Africa”.

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