Binance Resumes Offering Futures Trading Products to South African Users – Emerging Markets Bitcoin News

One of the world’s biggest cryptocurrency exchanges by volumes traded, Binance, has said its futures products are now available to eligible South African users. Binance made it clear that they have resolved problems with the regulator in South Africa and that their activities are now legal.

Products Not Changed

Binance had blocked South African users’ access to their futures trading platform for almost a whole year. Now, Binance has announced that both perpetual and delivery futures contracts will be available to all eligible users. In a statement, the crypto exchange told its users that the type of futures products being offered has “not changed from Binance’s previous futures offering in South Africa.”

However, the cryptocurrency exchange claimed that it has changed how such products are offered to South African customers. As reported by News in October 2021, Binance said it would stop South African users from accessing its “futures, options, margin, and leveraged tokens products.”

The crypto exchange’s abrupt decision came shortly after a regulator, the Financial Sector Conduct Authority (FSCA) warned the public against having dealings with Binance. The regulator informed the public that the cryptocurrency exchange wasn’t authorized to provide any type of financial advice in South Africa.

Juristic Representative

Binance, however, sent a message to its users indicating that it had resolved issues with regulators and that South Africa’s activities are now in compliance.

South African customers will have access to futures contracts on Binance starting in 2022, 09-26 USDS -M and COIN -M perpetual and delivery Futures through a legal representative agreement with FiveWest OTC Desk Ltd (FiveWest).

Fivewest, a financial service provider licensed under the Financial Advisory and Intermediary Services Act 2002 is FSP 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 be offering “derivative products to users in South Africa in its capacity as a juristic representative of Five West.”

Register here for a weekly email update with African news.

Your thoughts? Comment below and let us know how you feel.

Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, writer and author who has been awarded the Zimbabwe Booker Prize. His writings have covered the economic problems of several African countries and how digital currency can offer an escape route.

Image creditShutterstock. Pixabay. Wiki Commons

DisclaimerThis article serves informational purposes. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. doesn’t offer investment, tax or legal advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the content or use of any goods, services, or information mentioned in the article.

Get more Crypto News at CFX Magazine