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Binance introduces restrictions for users from South Africa

Bitcoin exchange Binance closed access to margin trading, leveraged tokens, as well as cryptocurrency derivatives (futures and options) to customers from South Africa. The company attributed the move to a desire to comply with local laws.

Users were banned from opening new accounts for these products. Customers were given 90 days to close their positions, that will be automatically liquidated on January 6, 2021.

At the beginning of September, the South African Financial Sector Conduct Authority urged investors to be "cautious and vigilant" when dealing with Binance. The agency noted that the company is not authorized to provide financial advice and intermediary services in the country.

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