Dive into our curated collection of the most compelling articles on Banxso, published this year on BizNews.Explore the stories that shaped the conversation in 2024.
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BizNews Reporter
Elon Musk deepfake ad: Banxso-BizNews Q&A
The trading platform Banxso came 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 reported losses totalling millions.
Banxso, a sponsor of Ultimate Fighting Championship (UFC) champion Dricus du Plessis and the national football team Bafana Bafana, has repeatedly denied any involvement in these fake ads.
It 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.
Banxso subsequently invited BizNews to submit questions and undertook to provide a comprehensive response.
Banxso confirms FSCA probe
Online trading platform Banxso confirmed that the Financial Services Conduct Authority (FSCA) has launched an investigation into the company.
Fake copyright attack on BizNews over Banxso report
A bogus complaint to Google made it remove from its search engines a BizNews article on Banxso.
Banxso hit by triple blow from the FSCA, the FIC & the NPA
Banxso, the online trading platform, faced a triple blow as the FSCA provisionally withdrew its license, the FIC placed seven bank accounts on hold, and the NDPP placed a preservation order on its funds amid an ongoing investigation into deepfake ads and investor losses.
Anonymous whistleblower exposes Banxso clone scam preying on SA investors
An anonymous whistleblower came forward with troubling details about Banxso, an online investment platform accused of deceptive practices and linked to deepfake ads featuring well-known personalities like Johann Rupert and Hashim Amla. The whistleblower, a senior figure in the financial sector, described a suspicious encounter with AfriMarkets, a platform with striking similarities to Banxso, including an alleged shared chief operating officer. After responding to a Facebook ad, he was pressured to invest without transparency around risk profiling or the expertise of his assigned “advisor.” His findings raise concerns that Afrimarket could be a rebranded clone of Banxso, targeting South Africans with aggressive sales tactics to exploit unsuspecting investors.
FSCA investigates alleged financial scams involving Banxso and AfriMarkets
The FSCA is investigating alleged financial scams by Banxso and AfriMarkets, accused of using deep-fake ads to lure vulnerable investors. With around R90 million frozen and licenses provisionally withdrawn, the FSCA’s Gerhard van Deventer emphasised public education and ethical sales practices, stressing accountability for deceptive financial schemes.
BANXSO denies ongoing trade & will fight liquidation
The Western Cape High Court has set aside a preservation order on Banxso’s bank accounts, allowing limited fund use solely for migrating clients to an FSCA-authorized provider.
