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Binance Re-enters South Africa’s Crypto Futures Market

<p class="MsoNormal">Binance, the world’s largest cryptocurrency
exchange, has relaunched crypto futures in South Africa, one of Africa’s
largest economies.</p><p class="MsoNormal">The exchange <a href="https://www.binance.com/en/support/announcement/0c7d69f798314a3f950849c03421679b" target="_blank" rel="nofollow">announced</a> 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.</p><p class="MsoNormal">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.</p><p class="MsoNormal">Through this arrangement, Brickhouse Trading
Limited, one of Binance’s group of companies, will offer derivatives products
to South African users, <a href="https://www.financemagnates.com/tag/binance/" target="_blank">Binance</a>
explained.</p><p class="MsoNormal">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.</p><p class="MsoNormal">“Users may still connect into the Binance
platform and access the same market-leading liquidity,” Binance added. </p><p class="MsoNormal">Previous Exit from South Africa</p><p class="MsoNormal">Binance's re-entry into South Africa comes almost
a year after the crypto exchange <a href="https://www.financemagnates.com/cryptocurrency/news/binance-stops-offering-derivatives-leveraged-tokens-in-south-africa/">ceased
offering its crypto futures</a>, options, margins and leveraged tokens to users in South Africa.</p><p class="MsoNormal">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.</p><p class="MsoNormal">The exchange’s exit from South Africa follows Binance's similar <a href="https://www.financemagnates.com/cryptocurrency/news/binance-com-to-stop-offering-crypto-trading-services-in-singapore/">cessation of
its derivatives services</a> in Australia, Hong Kong, and many European countries as a result of hassles with local regulators.</p><p class="MsoNormal">Meanwhile, Binance was recently <a href="https://www.financemagnates.com/cryptocurrency/a-virtual-free-zone-in-africa-is-being-discussed-with-binance/">in talks with</a> the Nigeria Export Processing Zones Authority
and Talent City, a Lagos-based technology hub, to launch a virtual free zone in
Africa.</p><p class="MsoNormal">The crypto exchange recently held meetings in Dubai,
the United Arab Emirates, with officials from both entities.</p><p class="MsoNormal">Binance Futures Hits $5.90trn in Q2</p><p class="MsoNormal">According to the <a href="https://www.binance.com/en/blog/futures/binance-futures-quarterly-report-q2-2022-5670445909238579513">Binance
Futures Quarterly Report: Q2 2022</a>, the exchange surpassed $5.90 trillion in total
trading volume in perpetual futures contracts during the second quarter of the
year.</p><p class="MsoNormal">Finance Magnates <a href="https://www.financemagnates.com/cryptocurrency/usdt-m-p-contracts-take-9197-as-binance-futures-hits-590trn-in-q2/">reported that</a> 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.</p><p class="MsoNormal">Average daily volume of USDT-M perpetual
contracts stood at $43.52 billion during the quarter.</p>

This article was written by Solomon Oladipupo at www.financemagnates.com.