30 Unlicensed Crypto Operations Under Investigation in South Africa

South Africa’s Financial Sector Conduct Authority (FSCA) Enforcement Division has established a dedicated team to investigate unauthorized crypto financial services. Targeting individuals and entities operating without proper licenses. 

Currently, the division is scrutinizing 30 cases to uphold public protection and industry integrity. Intending to take firm actions against unlawful crypto operations. The regulator plans to publicly disclose investigation outcomes and issue warnings if unregistered crypto businesses are identified. 

Before officially categorizing crypto assets as financial products on October 19, 2022, the FSCA granted a grace period until November 30, 2023, for license applications to be submitted.

Clever Robot News Desk 5th July 2024

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