On Thursday, The Financial Sector Conduct Authority (FSCA) of South Africa stated that cryptocurrency exchange Binance group is not authorized to give any financial advice or render any intermediary services in South Africa.

The statement warned people to be cautious and vigilant when dealing with the Binance Group, headquartered in Seychelles and Cayman Islands. The regulator received information that the binance had a telegram group through which the South African public had access to their cryptocurrency exchange platform.

Additionally, the statement said the entity had not been authorized to provide any financial services and is not currently recommended by the FSCA in South Africa.

“If something goes wrong, you are unlikely to get your money back and will have no records against anyone,” the statement sternly warned people.

This was not the first time that the Seychelles-based company has come under the scanner of various governments. Last Thursday, the monetary authority of Singapore also ordered binance to stop operating in their country.

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