South Africa Pushes for Laws to Protect Investors from Ponzi Schemes
Last Updated: 28 January 2021
South Africa is one of the countries pioneering the crypto revolution on the African continent. Now, the country’s government is looking to tighten up regulations. However, while most countries look into better regulations due to increased industry activity, the country’s Financial Sector Conduct Authority (FSCA) is moving quickly to protect citizens from criminals.
Making it More Difficult for Ponzi Schemes
Brandon Topham, the FSCA’s head of enforcement, told Bloomberg that the agency was looking to step up its regulation of the country’s crypto space.
Bitcoin under scrutiny as South Africa’s largest alleged ponzi scheme is probed
Bloomberg26 January 2021
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South Africa’s finance-industry regulator wants more power to prosecute perpetrators of fraud and oversee dealing in cryptocurrencies after the collapse of a Bitcoin trader, alleged to be the country’s largest Ponzi scheme.
The Financial Sector Conduct Authority is making proposals to regulate trading in cryptocurrencies such as Ethereum, XRP and Litecoin, the watchdog’s head of enforcement, Brandon Topham, said by phone.
The FSCA has handed details of its probe into the failure of Mirror Trading International Ltd. to a top police unit after uncovering alleged fraud.
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The authority is making proposals to regulate trading in cryptocurrencies.
By Roxanne Henderson, Bloomberg
27 Jan 2021 13:13
Image: Chris Ratcliffe/Bloomberg
South Africaâs finance-industry regulator wants more power to prosecute perpetrators of fraud and oversee dealing in cryptocurrencies after the collapse of a Bitcoin trader, alleged to be the countryâs largest Ponzi scheme.
The Financial Sector Conduct Authority is making proposals to regulate trading in cryptocurrencies such as Ethereum, XRP and Litecoin, the watchdogâs head of enforcement, Brandon Topham, said by phone.
The FSCA has handed details of its probe into the failure of Mirror Trading International to a top police unit after uncovering alleged fraud.
Scams are driving South African authorities to regulate crypto trading The Financial Sector Conduct Authority is demanding tighter regulatory control over cryptocurrency. 4026 Total views News
South African regulators are seeking to exercise more control over cryptocurrency trading following the collapse of what was alleged to be the largest Ponzi scheme the country has ever seen.
Self-proclaimed Bitcoin (BTC) trading firm Mirror Trading International was placed in provisional liquidation in December 2020 as investors tried and failed to withdraw their funds. The firm claimed to have attracted over 260,000 memberships worldwide, handling a reported 23,000 Bitcoin a sum now worth in the region of $716 million.