Binance decides to offer futures trading to its South African users
The regulatory scrutiny on cryptocurrency in South Africa prevented Binance from offering futures products to its South African users. Since its operation in South Africa is now legal, the cryptocurrency exchange behemoth will offer futures products in the country.
Perpetual and delivery futures contracts will be accessible to eligible customers from South Africa; it has been a year since Binance barred its users from the country from using its futures trading platform. However, the cryptocurrency exchange claimed that it had resolved the issues with the regulatory bodies in South Africa. Therefore, the decision to restrain users from accessing futures trading has been reversed.
In October 2021, according to a report from Bitcoin.com News, Binance stated that it would prohibit South African users from accessing its “futures, options, margin, and leveraged tokens products.” The dramatic move by the cryptocurrency exchange came after the Financial Sector Conduct Authority (FSCA), a regulator, cautioned the public against using Binance. As a result, the cryptocurrency exchange was not permitted to provide crypto-related services in South Africa.
As of 2022-09-26, USDS-M and COIN-M will be perpetual. Through a legal representation agreement with FiveWest OTC Desk (Pty) Ltd, Binance users in South Africa will have access to futures contracts.