The post FSCA Warns Public Against Unlicensed Crypto Firms appeared on BitcoinEthereumNews.com.

Story Highlights FSCA warns against unlicensed crypto firms promising high returns. AfriInvest and MutualWealth falsely use public figures for credibility. Regulator declares both firms unauthorized to offer financial services. South Africa’s Financial Sector Conduct Authority (FSCA) has warned against unlicensed crypto trading firms. The regulator states these companies operate illegally by asking people to provide funding, although they promise daily profits of R10,000 to investors. The financial risks along with fraud possibilities have become a concern for people who invest their funds with these companies. FSCA Flags Crypto Firms for Unauthorized Trading Claims The Financial Sector Conduct Authority states that AfriInvest and MutualWealth operate with artificial intelligence systems for cryptocurrency trading on behalf of their investors. These entities have illegitimately used multiple prominent figures among them, Steve Hofmeyer and Kallie Kriel, and the Maroela Media brand to build their false credentials. These firms have acquired written declarations from all three personalities that they maintain no relationship with their operations. The FSCA did not address details about these businesses but declared that AfriInvest and MutualWealth lack authorization to offer financial services throughout South Africa. The regulatory authority tried reaching both businesses without success after multiple attempts. The failure to provide transparent information promotes additional concerns about their authentic status. The FSCA warns people to proceed with great caution with their interactions involving financial service providers. Operating without the required licenses places serious risks upon firms since they do not fall under any regulatory authority oversight. Investors who conduct business with unauthorized providers remain unprotected under the law while financial disruptions occur. Customers must determine whether authorized financial services exist for both companies and individuals under investigation. Verification of FSCA authorization must be performed by investors to guarantee safety in their financial transactions. Prospective clients can verify authorization by checking it in…

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Filed under: News - @ March 30, 2025 2:17 pm