After Warnings from South African Regulators Binance Rejects Accusations It Provides Financial Advice

After Warnings from South African Regulators Binance Rejects Accusations It Provides Financial Advice


Beleaguered crypto exchange, Binance, has released a statement in which it denies accusations that provides financial advice or renders any intermediary services. In a statement released on Twitter less than 24 hours after the Financial Sector Conduct Authority (FSCA)’s warning, the crypto exchange also denies having any ties or links to the organization “Binance Group.”

Binance Not Associated With Binance Group

Instead, Binance suggests in its September 3 Twitter thread that the FSCA might have erred when it issued the warning. The thread explained:

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Binance Group’ is not a Binance.com entity, please be mindful of scammers pretending to be associated with Binance.com.

As reported by Bitcoin.com News, the FSCA did ask South Africans to be “cautious and vigilant when dealing with Binance Group” because the crypto platform is not authorized per South African laws. The FSCA also alleges that Binance — which it says is situated in Seychelles — maintains a Telegram chat group that “members of the South

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