Though the Financial Sector Conduct Authority (FSCA) is an agency of the South African government, Binance claimed the country’s Financial Intelligence Centre was the “major regulator” with which it had been working to be in compliance with local laws.
South Africa’s Financial Sector Conduct Authority (FSCA) has warned the country’s public against dealing with crypto exchange platform Binance.
The initiative, dubbed Project Dunbar, will prototype shared platforms enabling direct transfers between institutions using digital currencies issued by multiple central banks. The pilot’s findings will be used to inform the “development of global and regional platforms” in addition to supporting the G20’s roadmap for improving cross-border payments.
The main issue inhibiting regulation seems to be a combination of resistance and indecision both from regulators, which has majorly been a result of little or no understanding of cryptocurrencies.
