Banxso confirms FSCA probe

Online trading platform Banxso has confirmed that the Financial Services Conduct Authority (FSCA) has launched an investigation into the company. 

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By Chris Steyn

Online trading platform Banxso has confirmed that the Financial Services Conduct Authority (FSCA) has launched an investigation into the company. 

The announcement by the FSCA was made today (Friday 19 April 2024) in a statement informing members of the public that it was investigating “possible contraventions of financial sector laws by Banxso”.

Banxso has been under fire for “benefiting” from deep fake ads featuring billionaires Elon Musk, Johann Rupert and Nicky Oppenheimer. Scores of investors who clicked on the ads have reported losses totalling millions.

Meanwhile, Banxso – a sponsor of Ultimate Fighting Championship (UFC) champion Dricus du Plessis and the national football team Bafana Bafana – has fully refunded Advocate Petra van Niekerk who was interviewed by BizNews after she lost her life savings – and went on to represent other victims.

In his reaction today, Banxso Chief Operating Officer Manuel de Andrade said: “We welcome the investigation by the FSCA. Banxso has been cooperating with the FSCA since 09 February 2024 and will continue to offer the Authority our full cooperation. We act in an open, honest, and transparent manner in all of our dealings and we are confident that the investigation will clear our name.”

He added: “In its press release, the FSCA confirms that we have been offering our full cooperation and that there has been no finding made to date. A major part of the process has been the cyber investigation conducted to prove that Banxso is in no way connected to Immediate Matrix, and we look forward to this emerging when the findings are released.”

De Andrade noted that the FSCA played a crucial role in protecting the financial services sector in South Africa and had a duty to investigate complaints that were lodged with them.

“Banxso is authorised by the FSCA as a financial services provider, and complies with all regulatory requirements,” he said.

Read the FSCA statement here:

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