Binance, one of the world’s leading blockchain ecosystems and cryptocurrency infrastructure providers, has relaunched its futures products in South Africa via a partnership with Fivewest OTC Desk (PTY) LTD, one of the country’s leading fintech service providers for trading pairs.
The relaunch of these products included a significant period of compliance and governance related processes and activities and is available to South African customers under Fivewest’s license (Authorised FSP 51619). Binance USD-Margined and Coin-Margined Futures will be available to South African clients and Binance will provide all operations and services.
Binance’s commitment to working with local regulators is strengthened by the news of obtaining approval for the partnership with Fivewest, having recently launched in the market with local fiat capabilities through its partnership with Stitch.
Hannes Wessels, Director of Binance in South Africa, said, “We are pleased to be relaunching crypto futures in partnership with Fivewest as it delivers on our core focus on ensuring local industry compliance while enabling greater access to digital assets for South Africans.”
“South Africa is a very important market to us and we will continue to provide the best and most diverse services to support financial accessibility. We remain focused on building user trust through regulatory compliance, security, and strategic partnerships,” said Changpeng Zhao, CEO of Binance.
Binance will recommence offering Futures to eligible South African users through a juristic representative arrangement with FiveWest OTC Desk (Pty) Ltd (FiveWest).
FiveWest is an authorised Financial Services Provider in terms of the Financial Advisory and Intermediary Services Act, 2002 with FSP no. 51619. Brickhouse Trading Ltd (Brickhouse) will offer derivative products to users in South Africa in its capacity as a juristic representative of FiveWest. Brickhouse is a member of the Binance group of companies.
By Staff Writer.