One of the world’s largest cryptocurrency exchanges by traded volumes, Binance, said its futures products are now available to eligible South African users. In a message to its users, Binance suggested that it had rectified the issues with the regional regulator and that its operations in South Africa were now above board.
Products offered unchanged
Nearly a year after Binance blocked South African users from accessing its futures trading platform, the crypto exchange has said that perpetual and delivery futures are now available for eligible users in 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.”
The cryptocurrency exchange, however, said it has changed the way these product offerings are provided to South African users. As Bitcoin.com News reported in October 2021, Binance said it would block South African users from accessing its “futures, options, margin and leveraged token products.”
The crypto exchange’s abrupt move came shortly after a regulator, the Financial Sector Conduct Authority (FSCA), warned the public against dealing with Binance. At the time, the regulator revealed that the crypto exchange was not licensed to offer financial advice or provide intermediary services in South Africa.
Legal representative
However, in a message to users, Binance suggested that it had rectified the issues with the regulator and that its operations in South Africa were now above board:
Starting 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 representation agreement with FiveWest OTC Desk (Pty) Ltd (FiveWest ).
Fivewest is a licensed financial services provider under the Financial Advice and Intermediary Services Act 2002, and its FSP number is 51619. To ensure that Binance complies with local laws, the crypto exchange’s statement says Brickhouse – a member of the “Binance group of companies” – will offer “derivative products to users in South Africa in its capacity as the legal representative of Five West”.
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