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25 sats \ 3 replies \ @TheBTCManual 23 Aug 2022
lol who cares about that shitcoin and that shitcoin casino, South Africans aren't legally meant to be using Binance in anycase
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25 sats \ 1 reply \ @_musallwah 23 Aug 2022
Why aren’t they supposed to be using?
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25 sats \ 0 replies \ @TheBTCManual 23 Aug 2022
So in South Africa, bitcoin is seen as an asset and because of this, any bitcoin mined in the country or brought into the country by a regulated entity is fine as they clear with the reserve bank to swap funds for lets say USD to buy the bitcoin, but when you a retail user sending payments to external sites like Binance, it's seen as offshore bitcoin and capital flight, which the government doesn't want
It wants to be able to keep an eye on capital flows and obviously to tax companies, its' easier to do that with a local exchange than a binance. They also want to encourage these big exchanges to set up locally too to bring capital into the country
I know it's dumb but that's their take on it
If you do use international exchanges as a retail trader you carry risk, You can get fined or even face jail time, obviously, a regulation and enforcement especially in a 3rd world country are two different things but I always encourage people to be cautious of their government and not to give them any ammo to nail them
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0 sats \ 0 replies \ @KenyaCoin OP 23 Aug 2022
They must have complied with whatever regulations in order to obtain a "fiat gateway" (which, I presume, means a bank that would give Binance an account)? Binance was seeing a brisk business from 2020 until they were forced to shutter ZAR trading pairs in 2021:
Binance Will Delist All ZAR Trading Pairs on 2021-04-02
https://www.binance.com/en/support/announcement/c04fdd0f33bb462bb53843285a55371f
The central bank's guidance likely helped Binance get back online.
South Africa's Monetary Authority Greenlights Banks to Serve Crypto Clients
#60796
https://www.coindesk.com/policy/2022/08/19/south-africas-monetary-authority-greenlights-banks-to-serve-crypto-clients
Here is the regulator's guidelines document:
Guidance Note issued in terms of section 6(5) of the Banks Act 94 of 1990
https://www.resbank.co.za/content/dam/sarb/publications/prudential-authority/pa-deposit-takers/banks-guidance-notes/2022/G10-2022%20-%20Supervisory%20guidelines%20for%20matters%20related%20to%20the%20prevention%20of%20unlawful%20activities.pdf
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0 sats \ 0 replies \ @KenyaCoin OP 23 Aug 2022
Here's an article on this:
Binance Enables Instant Deposits for the South African Rand (ZAR)
https://bitcoinke.io/2022/08/binance-enables-instant-zar-deposits/
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