One of the world’s leading blockchain ecosystems and cryptocurrency infrastructure providers, Binance, has relaunched its futures products in South Africa via a partnership with Fivewest OTC Desk (PTY) LTD, one of the country’s leading fintech service providers for trading pairs.

The relaunch of these products included a significant period of compliance and governance related processes and activities and is available to South African customers under Fivewest’s license (Authorised FSP 51619).  Binance USD-Margined and Coin-Margined Futures will be available to South African clients and Binance will provide all operations and services.

Binance’s commitment to working with local regulators is strengthened by the news of obtaining approval for the partnership with Fivewest, having recently launched in the market with local fiat capabilities through its partnership with Stitch.

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Hannes Wessels, Director of Binance in South Africa, said, “We are pleased to be relaunching crypto futures in partnership with Fivewest as it delivers on our core focus on ensuring local industry compliance while enabling greater access to digital assets for South Africans.”

“South Africa is a very important market to us and we will continue to provide the best and most diverse services to support financial accessibility. We remain focused on building user trust through regulatory compliance, security, and strategic partnerships,” said Changpeng Zhao, CEO of Binance.

Binance will recommence offering Futures to eligible South African users through a juristic representative arrangement with FiveWest OTC Desk (Pty) Ltd (FiveWest).

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FiveWest is an authorised Financial Services Provider in terms of the Financial Advisory and Intermediary Services Act, 2002 with FSP no. 51619. Brickhouse Trading Ltd (Brickhouse) will offer derivative products to users in South Africa in its capacity as  a juristic representative of FiveWest. Brickhouse is a member of the Binance group of companies.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider, is celebrating its 5th anniversary by eliminating trading fees on a wide range of bitcoin spot trading pairs. While Binance has long maintained one of the lowest spot trading fees in the industry, it is establishing itself as the global leader in pricing with this latest move.

From July 8, users will be able to enjoy fee-free trading on thirteen stablecoin and fiat combinations including BTC/USDT, BTC/BUSD, BTC/USDC, BTC/EUR, BTC/TRY, and more. The new trading fees will be in effect until further notice, allowing Binance users globally to enjoy the fee-free feeling beyond the two weeks of anniversary celebrations.

Binance Founder and CEO “CZ” (Changpeng Zhao) said: “In line with our user-first philosophy, Binance has always strived to provide the most competitive fees in the industry. At its core, Binance is an inclusive platform with accessibility in mind. Eliminating the trading fees on selected BTC spot trading pairs is another move towards that direction.”

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“Within the span of five years, Binance has amassed an amazing community that believes in us and supports our vision. Our growth and achievements would not have been possible without them. We hope to give back to the community by providing them with the world’s best products and services,” added CZ.

Binance launched in July 2017 as a crypto-to-crypto exchange and within six months, became the world’s largest crypto exchange. Today, Binance is a global blockchain ecosystem spanning across trading services, infrastructure solutions, educational resources, research, social good and charitable programs, investment and incubation initiatives, and more. By providing access to broad financial tools while maintaining one of the lowest fees in the business, Binance is making crypto accessible to everyone in Africa and beyond.