Major Binance Products Blocked in South Africa

Major Binance Products Blocked in South Africa

Binance will no longer be offering a major part of its portfolio in South Africa. The exchange has ceased with offering the following assets to its South African users: leveraged tokens, crypto futures, and options. Binance revealed this last Friday. The step was taken in accordance to the local regulatory guidelines.

Existing users will have 90 days to close their positions. The exchange mentioned that clients will be able to prevent margin calls and liquidations, but they will not have the ability to open new positions.

The exchange also commented that “Users will no longer be able to manually reduce or close their positions after 6th January 2022 11:59 PM (UTC). Thereafter all remaining open positions will be closed.”

Binance has been receiving warnings or has been blacklisted, by major global financial institutions. Many of these took legal enforcement actions which lead to the exchange closing its doors to many users. South Africa’s FSCA released a notice stating that  Binance Group is not authorized to offer services in the nation.

Binance is currently not able to work in some big EU nations as well as Australia, and not to mention Hong Kong and Singapore. However, the company has taken steps to reform its services so that it can pass the test of the aforementioned states. It has mandated a KYC policy and has hired former regulators and government workers to work on putting Binance back on the map.

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