FSCA warns the public against BINANCE GROUP
Pretoria - The Financial Sector Conduct Authority (FSCA) has issued a warning to the public to be cautious and vigilant when dealing with BINANCE GROUP as they are not authorised to give any financial advice or render any intermediary services in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act) in South Africa.
The financial services regulator said it had received worrisome information that BINANCE GROUP, an international company situated in the Seychelles, had a telegram group that allowed members of the South African public to join to gain access to their cryptocurrency exchange platform.
The FSCA said it would like to 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 Pretoria-based regulator said 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.
There are instances where persons are registered to provide basic advisory services for a low-risk product and then offer services of a far more complex and risky nature. The FSCA again reminded consumers who wish to conduct financial services with an institution or person to check beforehand with the FSCA on either the toll free number (0800 110 443) or on the website www.fsca.co.za as to whether or not such institution or person is authorised to render financial services, and in particular which financial products they are licensed for.
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