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FCSA Warns Traders About FTX and ByBit Exchange

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Governments and financial institutions formulate regulatory frameworks to regulate the crypto industry. The trend was most recently observed in South Africa, where financial regulators warned crypto traders against using the FTX crypto exchange. As one of the most famous crypto exchanges around the world, FTX exchange serves millions of users. The warning thus had a significant impact on FTX Trading Limited’s market reputation. As expected, this caused many users to search for an unbiased and comprehensive online FTX exchange review for details about the platform. The South African authorities, namely the Financial Sector Conduct Authority, have made two important announcements to users. The intent behind the notices was to warn users against using the Seychelles-based ByBit and the Bahamas-based FTX. According to the Netherlands Authority for the Financial Markets, the companies do not have the authority to mediate or provide financial advice in the region. The post went on to say that ByBit has granted South Africans access to its virtual trading platform. Likewise, FTX also allows users to invest in derivative instruments. The FSCA has approved that FTX can only offer CFD trading or similar contracts after obtaining a license from the regulator. The warning came at an interesting time as the region plans to enact its regulatory framework for cryptos. However, FTX tweeted that the FSCA has not yet contacted the organization, and when they do, the FTX team would be excited to work with the regulator. On the other hand, ByBit stated that the exchange cooperated with the FSCA and would continue the interaction to resolve any issue. The FSCA has previously stated that it was unable to talk to FTX.
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