FSCA Approves 75 Crypto Asset Service Providers in South Africa: Luno and VALR Included, Binance and Yellow Card Absent

The Financial Sector Conduct Authority (FSCA) in South Africa has made significant progress in regulating the cryptocurrency market, with the approval of 75 crypto asset service providers (CASPs) out of 374 applicants. This milestone, announced on Monday, includes well-known exchanges like Luno and VALR, but notably excludes major players like Binance and Yellow Card.

The FSCA’s licensing initiative aims to protect South African investors from the risks associated with the volatile crypto market and combat illegal activities such as money laundering and terrorist financing. The approved CASPs offer a range of services, from advice and exchange management to tokenizing assets and developing cryptocurrency-based products.

While Yellow Card is optimistic about receiving authorization soon, Binance’s future in South Africa remains uncertain amidst regulatory challenges in Nigeria. The Central Bank of Nigeria has accused Binance of managing over $26 billion in untracked transactions, leading to the suspension of its operations in the country. Binance CEO Richard Teng has stated that the company is working closely with the Nigerian government to address these issues.

As the FSCA continues to review applications and provide updates, the crypto market in South Africa is poised for further developments in regulatory oversight and investor protection. Stay tuned for more updates on this evolving story.