binance, binance south africa, brickhouse, financial advisory and intermediary services act, financial sector conduct authority (fsca), financial services provider, futures trading

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. In a message to its users, Binance suggested 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 perpetual and delivery futures contracts are now available to eligible users from the country. 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.”

The cryptocurrency exchange however said it had altered the way such product offerings are provided 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 crypto exchange’s abrupt decision came shortly after a regulator, the Financial Sector Conduct Authority (FSCA) warned the public against having dealings with Binance. At the time, the regulator revealed that the crypto exchange was not authorized to offer any financial advice or render any intermediary services in South Africa.

Juristic Representative

However, in a message to users, Binance suggested 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 juristic representative arrangement with FiveWest OTC Desk (Pty) Ltd (FiveWest).

Fivewest is a licensed financial services provider in terms of 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 be offering “derivative products to users in South Africa in its capacity as a juristic representative of Five West.”

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