Cryptocurrency exchange Binance has banned South African customers from accessing margin trading, leveraged tokens and cryptocurrency derivatives (futures and options). The platform has said the purpose of the move is to comply with local laws.
South African users can no longer open new accounts for the aforementioned products. They have 90 days to close positions. They will be automatically liquidated on January 6.
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In early September, the South African Financial Sector Conduct Authority called on investors to be "careful and vigilant" when dealing with Binance. The department stressed the company is not authorized to offer financial advice and brokerage services in the country.
The cryptocurrency exchange has previously imposed restrictions on Singapore users.