Brandon Topham, the head of enforcement at South Africa’s financial sector regulator, has insisted that his organization has not issued warnings to some global exchanges because they deal in crypto. Rather, the warnings have been made because the exchanges are not registered to offer derivatives in the country.
Exchanges Not Registered to Offer Derivative Products
An official with the South African financial sector regulator, the Financial Sector Conduct Authority (FSCA), has said his organization has been targeting global cryptocurrency exchanges operating in the country because they “offer a derivative product with crypto as the underlying or reference asset.” As previously reported by Bitcoin.com News, the South African regulator has in the past issued public warnings against global crypto exchange platforms like FTX, Binance, and Bybit. In some cases, the regulator’s warnings have forced some crypto exchanges operating in the country to terminate certain services. While the FSCA insists that its warnings are designed to protect the public, some have speculated that global exchange platforms are being targeted because they deal with cryptocurrency. However, pushing back against this narrative, Brandon Topham, the head of enforcement at the FSCA, is quoted in a report suggesting that action is being taken because the exchanges are not registered to offer derivatives. He explained:We are looking at speaking with a number of over the counter derivative product [ODP] providers who are not registered with us.
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