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The Financial Sector Conduct Authority (FSCA), South Africa’s financial watchdog, today issued a press release warning crypto investors in the country about two popular cryptocurrency exchanges, FTX and Bybit. The FSCA stated that the exchanges were not authorized by the country’s laws to render intermediary services or give financial advice. It adds that the companies also lacked authorization to trade in contracts for difference (CFDs) in South Africa. The consumer warning is coming after last year saw crypto scams in South Africa reach new records.
South Africa’s financial regulator issues warnings against FTX and Bybit
In a press release today, South Africa’s Financial Sector Conduct Authority (FSCA) warned crypto investors in the country to desist from using FTX crypto exchange. The notice warned the South African public to be “cautious and vigilant when dealing with FTX Trading Ltd (FTX).” It adds that the crypto exchange which has its headquarters in the Bahamas was offering services in South Africa that it was not licensed to as postulated by the country’s Financial Advisory and Intermediary Services Act.
The FSCA wishes to inform the public that FTX is not authorized to trade in CFDs or to provide financial advisory and intermediary services in South Africa, the notice said.
The same press release was also published concerning Seychelles-based Bybit. However, the FSCA stated that Bybit had declared its intent to register with the regulator while FTX could not be reached. The notices advise that members of the public should always check with the FSCA before trading with financial intermediaries.
South Africa to release comprehensive regulations, amidst increasing scams
The latest FSCA warning to FTX and Bybit exchanges is coming after the FSCA revealed plans to tighten crypto regulations in the country back in December. Previous reports revealed that the FSCA had its mind fixed on establishing rules on how crypto trading should be carried out in the country.
The move was warranted by the occurrence of two major scams that rocked the country’s crypto market. Over $3 billion of investors’ money remains unrecovered as a result of the activities of fraudulent crypto platforms in South Africa.
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