South African Crypto Traders Warned Over Using Exchange FTX (2)

South Africa’s financial regulator said traders should be “cautious and vigilant” when using FTX Trading Ltd., one of the world’s fastest-growing crypto exchanges.

The Financial Sector Conduct Authority on Wednesday issued two notices warning against dealing with Bahamas-headquartered FTX and Seychelles-based ByBit. It said the companies aren’t authorized to give financial advice or intermediary services in South Africa.

ByBit has been offering South Africans access to its online platform to trade in derivative instruments and FTX might be doing the same, the regulator said in a statement.

For FTX to offer contracts for difference or CFD trading in South ...