Binance, leading global cryptocurrencies trading exchange, has announced the return of its futures products to eligible South African users, in a message to its users, Binance noted that it has resolved issues with the South Africa regional regulator.
This is nearly a year after Binance blocked South African users from accessing its futures trading platform. Eligible South African users can now enjoy the crypto exchange’s futures and perpetual contracts trading. 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.”
Also Read: Binance Closes Some of It’s Services in South Africa.
Binance also said it had changed the way such product offerings are provided to South African users. Only the manner in which the services are provided have changed. Users may still connect into the Binance platform and access the same market-leading liquidity.
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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