South African authorities are the most recent to caution against using Binance, stating the exchange is not legal to work in the state.

Financial Sector Conduct Authority (FSCA) of South Africa has cautioned the country’s public against trade with crypto exchange platform Binance.

In a statement issued, the FSCA specified that Binance Group, an “international company” domiciled in Seychelles, was not authorized to reduce financial services in the state.

Telegram was used by South Africans to increase access to Binance’s crypto exchange services in the country, FSCA specified.

The warning against using Binance, the financial official too prompted South Africans that crypto investments are not regulated in the nation. The FSCA statement added. “As a result, if something goes wrong, you’re unlikely to get your money back and will have no recourse against anyone,”

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