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HomeCryptocurrencyBinance Re-enters South Africa’s Crypto Futures Market

Binance Re-enters South Africa’s Crypto Futures Market

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Binance, the world’s largest cryptocurrency
exchange, has relaunched crypto futures in South Africa, one of Africa’s
largest economies.

The exchange announced that perpetual and
delivery futures contracts settled in US dollar-pegged assets (USDⓈ-M) and cryptocurrency
(COIN-M) has been made available to its users in the country starting from Monday.

Binance said it has entered a “juristic
representative arrangement” with trading services provider FiveWest OTC Desk
(Pty) Limited to offer futures contracts to South Africans.

Through this arrangement, Brickhouse Trading
Limited, one of Binance’s group of companies, will offer derivatives products
to South African users, Binance
explained.

The exchange, however, pointed out that the type of
products it is offering, including product specifics, remains the same with what it was offering before its departure last year.

“Users may still connect into the Binance
platform and access the same market-leading liquidity,” Binance added.

Previous Exit from South Africa

Binance’s re-entry into South Africa comes almost
a year after the crypto exchange ceased
offering its crypto futures
, options, margins and leveraged tokens to users in South Africa.

Binance pulled out of the country after the
Financial Sector Conduct Authority, South Africa’s financial markets regulator,
issued a notice saying the Binance Group was not authorized to offer its services
in the country.

The exchange’s exit from South Africa follows Binance’s similar cessation of
its derivatives services
in Australia, Hong Kong, and many European countries as a result of hassles with local regulators.

Meanwhile, Binance was recently in talks with the Nigeria Export Processing Zones Authority
and Talent City, a Lagos-based technology hub, to launch a virtual free zone in
Africa.

The crypto exchange recently held meetings in Dubai,
the United Arab Emirates, with officials from both entities.

Binance Futures Hits $5.90trn in Q2

According to the Binance
Futures Quarterly Report: Q2 2022
, the exchange surpassed $5.90 trillion in total
trading volume in perpetual futures contracts during the second quarter of the
year.

Finance Magnates reported that Tether-margined (USDT-M) perpetual contracts accounted
for 91.97% of the trading volume in the world’s largest crypto derivatives exchange
during the period.

Average daily volume of USDT-M perpetual
contracts stood at $43.52 billion during the quarter.

Binance, the world’s largest cryptocurrency
exchange, has relaunched crypto futures in South Africa, one of Africa’s
largest economies.

The exchange announced that perpetual and
delivery futures contracts settled in US dollar-pegged assets (USDⓈ-M) and cryptocurrency
(COIN-M) has been made available to its users in the country starting from Monday.

Binance said it has entered a “juristic
representative arrangement” with trading services provider FiveWest OTC Desk
(Pty) Limited to offer futures contracts to South Africans.

Through this arrangement, Brickhouse Trading
Limited, one of Binance’s group of companies, will offer derivatives products
to South African users, Binance
explained.

The exchange, however, pointed out that the type of
products it is offering, including product specifics, remains the same with what it was offering before its departure last year.

“Users may still connect into the Binance
platform and access the same market-leading liquidity,” Binance added.

Previous Exit from South Africa

Binance’s re-entry into South Africa comes almost
a year after the crypto exchange ceased
offering its crypto futures
, options, margins and leveraged tokens to users in South Africa.

Binance pulled out of the country after the
Financial Sector Conduct Authority, South Africa’s financial markets regulator,
issued a notice saying the Binance Group was not authorized to offer its services
in the country.

The exchange’s exit from South Africa follows Binance’s similar cessation of
its derivatives services
in Australia, Hong Kong, and many European countries as a result of hassles with local regulators.

Meanwhile, Binance was recently in talks with the Nigeria Export Processing Zones Authority
and Talent City, a Lagos-based technology hub, to launch a virtual free zone in
Africa.

The crypto exchange recently held meetings in Dubai,
the United Arab Emirates, with officials from both entities.

Binance Futures Hits $5.90trn in Q2

According to the Binance
Futures Quarterly Report: Q2 2022
, the exchange surpassed $5.90 trillion in total
trading volume in perpetual futures contracts during the second quarter of the
year.

Finance Magnates reported that Tether-margined (USDT-M) perpetual contracts accounted
for 91.97% of the trading volume in the world’s largest crypto derivatives exchange
during the period.

Average daily volume of USDT-M perpetual
contracts stood at $43.52 billion during the quarter.

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