Golden Finance reported that the Financial Sector Conduct Authority (FSCA) of South Africa announced that although the High Court of the Western Cape has lifted the freezing order on the funds of Banxso (Pty) Ltd, a South African exchange, the Financial Service Provider (FSP) license of Banxso has been revoked, and the company is not allowed to conduct Financial Service business. Its funds can only be used to migrate customers to other Financial Service providers authorized by the FSCA. The Banxso case is scheduled for retrial on December 4, 2024, and the FSCA is investigating the activities of Banxso and its management.
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
South African FSCA has not yet lifted the South African exchange Banxso license
Golden Finance reported that the Financial Sector Conduct Authority (FSCA) of South Africa announced that although the High Court of the Western Cape has lifted the freezing order on the funds of Banxso (Pty) Ltd, a South African exchange, the Financial Service Provider (FSP) license of Banxso has been revoked, and the company is not allowed to conduct Financial Service business. Its funds can only be used to migrate customers to other Financial Service providers authorized by the FSCA. The Banxso case is scheduled for retrial on December 4, 2024, and the FSCA is investigating the activities of Banxso and its management.