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South Africa's Financial Sector Conduct Authority (FSCA) on Wednesday suspended the financial services provider license of Banxso, a platform that offers cryptocurrency trading, citing concerns that its marketing practices promised customers unrealistic returns. It follows allegations that Banxso used depth fakes in its advertising campaigns and aggressive sales techniques to force customers to invest without proper threat and risk assessment.
The Financial Sector Conduct Authority (FSCA), the financial services industry regulator in South Africa, has issued 63 licenses to crypto asset service providers (CASPs). These approved licenses bring the total number of CASPs approved to provide services in South Africa to 138. In a statement released on July 2, the FSCA reported that it had received 383 applications from entities seeking to provide crypto-related services. Of these, five applications were rejected for not complying with the a...
The enforcement arm of South Africa's Financial Sector Conduct Authority (FSCA) has established a team to investigate individuals or entities operating crypto financial services without proper licenses. Currently, 30 cases are under review. The FSCA aims to protect the public and maintain fairness in the industry by taking decisive action against illegal crypto businesses. The regulator will also publish its findings and issue warnings if unregistered crypto businesses are found. Ahead of classi...
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