The largest crypto exchange in the world, Binance is quite popular in South Africa, too. The country is currently actively developing its IT industry, and crypto is particularly in high demand. However, many people claim that they have problems with accessing the exchange, and Binance has announced that it will stop providing some financial services to its South African users due to various legal reasons. In this article, we’re going to explain how you can access the exchange and whether it’s still secure.
What happened
Binance remains one of the most popular crypto platforms in South Africa, but now it seems to halt its operations in the country to comply with legal requirements of the FSCA (or Financial Sector Conduct Authority). The regulator insists that Binance can no longer provide financial services, so the platform has to stop allowing its users from South Africa to trade crypto assets or use any other features of the exchange. However, cryptocurrencies are still legal in the country, so users can find another way.
Basically, there are two options now. You can either find another crypto exchange (just make sure it is legal in the country) or stick to Binance no matter what. If you choose the latter, prepare to have quite limited features available to you. Binance South Africa no longer allows its users to trade derivatives, and there are no leveraged tokens. What’s even more important, all crypto transactions are currently unregulated, so if anything goes wrong, you’ll be on your own.
Despite these serious limitations, many South African users want to continue trading via Binance, and they have their reasons: despite being unregulated, Binance is still a reputable and secure service for trading crypto. Let’s remind you why it’s so trustworthy.
Why stick to Binance
Binance is the most popular crypto exchange in the world. Every day, it helps process up to $30 billion in transactions for millions of users. Its performance is quite impressive: the exchange can process up to 1.5 million orders per second, and the trading fees are pretty low. You can choose from 600+ coins from BTC or ETH to the least known altcoins. The exchange is very user-friendly, and it combines lots of available instruments with a simple interface, making your experience on the market much better.
If not for the FSCA, Binance would be a perfect choice, especially for novice traders. But the platform is still pretty useful, even under those serious limitations imposed by the regulator.
Read more on Mikhail Vnuchkov’s twitter.