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South African regulator ‘welcomes’ Benson’s decision to shut down some services in the country – Regulation Bitcoin News


The Financial Sector Conduct Authority (FSCA), a regulator in South Africa, says it welcomes Benson’s decision to stop providing some services to South Africans.

Productive advice

In a statement, the FSCA suggested that the move comes after taking “productive consultation” with the cryptocurrency exchange regulator. As previously reported by Bitcoin.com News, Beyonc ঘোষণা has announced that it is shutting down some of its services in South Africa to comply with the rules.

In an initial warning from the FSCA that persuaded Benson to act, the FSCA alleged that the crypto exchange violated some financial sector laws, including the Financial Markets Act (FMA) and the Financial Advisors and Intermediaries Services Act, 2002 (AFIS Act).

Therefore, as part of the corrective action demanded by the FSCA, Beyonc অক্টোবর informed South Africans on 8 October that they would not be able to open new accounts for trading derivatives. At the same time, the exchange also informed all holders of existing accounts that derivatives are currently trading that they need to be closed within 90 days of notice.

South Africans warned against investing with unregulated platforms

Meanwhile, in the same press statement, the FSCA again warned South Africans about the dangers of investing through unregulated companies. The statement explains:

Again, the FSCA warns the public that if they should consider a derivative market transaction, only do so with a properly registered financial service provider.

The regulator advised potential investors to verify the status of any service provider by calling their toll-free number or visiting a website.

What are your thoughts on this story? Let us know what you think in the comments section below.

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