FSCA Warns Public Against BINANCE GROUP

The Financial Sector Conduct Authority (FSCA), South African financial markets regulator, has warned the public to act with caution when dealing with BINANCE GROUP.

The FSCA received information that BINANCE GROUP, an international company situated in the Seychelles which has a telegram group that members of the South African public can join to gain access to their cryptocurrency exchange platform. The FSCA would like caution that in addition to this entity not being authorised to provide any financial services or business, crypto-related investments are currently not regulated by the FSCA or any other body in South Africa. As a result, if something goes wrong, you're unlikely to get your money back and will have no recourse against anyone.

The FSCA warns that members of the public should always check that an entity or individual is registered with the FSCA to provide Financial Advisory & Intermediary Services and what category of advice it is that the entity is registered to provide. 

It again reminds consumers who wish to conduct financial services with an institution or person to check beforehand with the FSCA as to whether or not such institution or person is authorised to render financial services.