Binance Continues to Offer Futures Trading Products to South African Users – Emerging Markets Bitcoin News
One of the world’s largest cryptocurrency exchanges by traded volume, Binance, has said its futures products are now available to qualified South African users. In a message to users, Binance indicated that it has rectified issues with the regional regulator and that its activities in South Africa are now above board.
Products offered unchanged
Almost a year after Binance blocked South African users from accessing its futures trading platform, the crypto exchange has said that perpetual and delivery futures contracts are now available to qualified users from the country. In a statement, the crypto exchange told its users that the type of futures products offered “has not changed from Binance’s previous futures offering in South Africa.”
However, the cryptocurrency exchange said it had changed the way such product offerings are offered to South African users. As reported by Bitcoin.com News in October 2021, Binance said it would stop South African users from accessing its “futures, options, margin and leveraged tokens products.”
The cryptocurrency exchange’s abrupt decision came shortly after a regulator, the Financial Sector Conduct Authority (FSCA), warned the public against doing business with Binance. At the time, the regulator revealed that the crypto exchange was not authorized to offer financial advice or provide any intermediary services in South Africa.
Legal representative
However, in a message to users, Binance indicated that it has rectified issues with the regulator and that its activities in South Africa are now above board:
From 2022-09-26 USDS-M and COIN-M perpetual and delivery futures contracts will be available to South African users on Binance through a legal representative agreement with FiveWest OTC Desk (Pty) Ltd (FiveWest).
Fivewest is a licensed financial services provider under the Financial Advisory and Intermediary Services Act, 2002, and its FSP number is 51619. To ensure that Binance complies with local laws, the crypto exchange’s statement said Brickhouse — a member of “the Binance group of companies ” – will offer “derivative products to users in South Africa in its capacity as a legal representative of Five West.”
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