FSCA – DIGIT INFO

Regulator Claims South Africa Set to Unveil Cryptocurrency Regulatory Framework in Early 2022

DIGIT — Sat, 11 Dec 2021 05:30:15 +0000

In early 2022, South Africa will have a new regulatory framework that covers cryptocurrencies, a commissioner with a regulatory body has said. Highly Risky Products South Africa’s financial sector regulator, the Financial Sector Conduct Authority (FSCA) is set to unveil a new regulatory framework that covers cryptocurrency in early 2022. According to Unathi Kamlana, a […]

Go to Source

After Warnings from South African Regulators Binance Rejects Accusations It Provides Financial Advice

DIGIT — Sun, 05 Sep 2021 08:30:25 +0000

Beleaguered crypto exchange, Binance, has released a statement in which it denies accusations that provides financial advice or renders any intermediary services. In a statement released on Twitter less than 24 hours after the Financial Sector Conduct Authority (FSCA)’s warning, the crypto exchange also denies having any ties or links to the organization “Binance Group.” […]

Go to Source

Two Masterminds in Last Ditch Effort to Stall Liquidation of MTI

DIGIT — Wed, 04 Aug 2021 10:00:56 +0000

In a last-ditch attempt to stall the sale of Mirror Trading International (MTI) assets, two masterminds of the collapsed bitcoin Ponzi scheme have warned investors that liquidating the investment company will likely result in them being asked to return all withdrawn bitcoins. Opposition to Attempts at Declaring MTI a Ponzi Scheme In a court filing […]

Go to Source

South Africa Regulator Wants Mirror Trading International to Pay Millions as Penalty For Contravening Financial Sector Law

DIGIT — Thu, 08 Jul 2021 10:00:01 +0000

A South African regulator, the Financial Sector Conduct Authority (FSCA), has informed key figures behind Mirror Trading International (MTI) that it intends to impose a fine of $7 million against the now-defunct crypto investment company. Contravention of Financial Sector Law According to a July 6 letter, which has also been sent to the CEO and […]

Go to Source

Africrypt Ponzi Scheme Collapse: South Africa Regulator Says Its ‘Not in a Position to Take Any Regulatory Action’

DIGIT — Fri, 25 Jun 2021 12:00:17 +0000

Following Africrypt’s collapse, South African regulator, the Financial Sector Conduct Authority (FSCA), released a statement asserting its lack of jurisdiction over cryptocurrencies. Although the regulator says it is “continuing to investigate complaints” against the crypto investment company, it concedes it has only “found evidence of crypto-asset transactions.” A Large Number of Scams While the FSCA […]

Go to Source

South African Regulator Apologizes to Crypto Firm After Issuing Then Withdrawing a Warning in Less Than 24 Hours

DIGIT — Sun, 09 May 2021 02:00:30 +0000

South Africa’s Financial Sector Conduct Authority (FSCA) has apologized to a Cape Town-based crypto start, Ovex, less than 24 hours after warning that the firm was operating outside the law. Ovex Does Not Require Licence From FSCA In its May 7 retraction, the financial watchdog said the findings of an investigation into Ovex, which specializes […]

Go to Source

MTI CEO and Wife Issued With Provisional Sequestration Order by South African High Court

DIGIT — Tue, 27 Apr 2021 06:30:04 +0000

A South African High Court recently served Mirror Trading International (MTI)’s Johann and Nerina Steynberg with a provisional sequestration order. The court’s decision follows a successful court application by the five joint provisional liquidators of the now-defunct online bitcoin scam. Sequestration Not Final According to a report, the order was reportedly served on the Steynbergs’ […]

Go to Source

A Forex Broker Transfers 1,200 BTC Belonging to the Mirror Trading International to a South African Liquidator

DIGIT — Thu, 01 Apr 2021 06:30:12 +0000

Fresh reports from South Africa suggest that a total of 1,200 bitcoins belonging to the now-defunct Mirror Trading International (MTI) were recently transferred from FX Choice to an appointed liquidator. The reports add the transfer had been sanctioned by the Financial Sector Conduct Authority (FSCA), the country’s financial industry regulator. Confirmation of the Transfer According […]

Go to Source

Mirror Trading International Named Biggest Crypto Scam of the Year After Raking in $589 Million

DIGIT — Sun, 14 Feb 2021 02:35:25 +0000

Blockchain analysis firm, Chainalysis’ latest crime report has named Mirror Trading International (MTI) as the biggest cryptocurrency scam of 2020. Chainalysis arrived at this conclusion after an investigation found that MTI had taken in $589 million from more than 471,000 deposits. According to the report, MTI’s haul is significantly higher than that of Forsage and […]

Go to Source

South African Regulator Warns Crypto Investors to ‘Be Prepared to Lose All’ Following Collapse of Bitcoin Trading Company MTI

DIGIT — Fri, 05 Feb 2021 19:30:26 +0000

The Financial Sector Conduct Authority (FSCA) has issued what it terms crypto health warning after receiving many complaints from South African victims of crypto scams. In the warning, the FSCA reminds prospective investors that crypto-related investments are currently not regulated. Therefore, investors have no recourse against anyone should they get duped. Cryptocurrencies Are High-Risk Assets […]

Go to Source