The Financial Sector Conduct Authority has provisionally withdrawn the financial services provider licence of Mixirite (Pty) Ltd, saying there is a “real risk of harm” to clients and the public if the company is allowed to continue operating.
The Authority said on 24 June 2026 that the decision follows preliminary findings from an ongoing investigation into Mixirite’s activities and was necessary because of the potential risk to clients and the public.
Mixirite is the FSP behind the online trading platforms UMarketPro and Protea Markets. Disclosures on the platforms’ websites state that they are operated by Mixirite under FSP licence 52110 and offer retail clients access to trading in products such as forex, shares, commodities, and indices.
According to the FSCA, its concerns include the apparent use of aggressive, manipulative, and high-pressure sales techniques; the provision of financial advice by individuals who were not authorised representatives; promises of unrealistic or guaranteed returns; failures to conduct appropriate suitability and needs analyses; and inadequate risk disclosures to clients.
“The FSCA is concerned that there is a real risk of harm to clients and/or the general public if Mixirite continues its operations as a financial services provider,” the Authority said.
The provisional withdrawal means Mixirite may not conduct any further financial services business or receive additional funds from clients while the matter is being investigated.
The FSCA emphasised that the withdrawal is provisional and based on preliminary investigation findings.
It said Mixirite has been afforded an opportunity to provide reasons why the provisional withdrawal should be lifted or not made final once the investigation has been completed.
The regulator added that the investigation remains ongoing and may encompass additional matters arising from information obtained to date.
Because of the sensitivity of the issues under consideration and the need to preserve the integrity of the investigation, the FSCA said it is unable to disclose further details at this stage.
Although the FSCA’s announcement does not refer to any other entities, the development is likely to attract attention because Mixirite and the trading platforms operating under its licence have previously been the subject of media scrutiny.
In November 2025, Moneyweb reported on apparent connections between Mixirite, UMarketPro, Protea Markets, Banxso, and Afrimarkets through overlapping directors, key personnel, and authorised representatives. The publication also reported that many of Mixirite’s authorised representatives had previously worked for Banxso and/or Afrimarkets.
According to the report, the FSCA told Moneyweb that it had received complaints relating to Mixirite, UMarketPro, and Protea Markets and was investigating their operations.
Moneyweb subsequently reported that the regulator had confirmed the investigation remained under way.
The FSCA has not indicated whether the concerns identified during its investigation into Mixirite are connected to issues previously raised in relation to Banxso, Afrimarkets, UMarketPro, or Protea Markets.
The FSCA said it will consider the final findings of its investigation, together with any submissions made by Mixirite, before deciding whether the provisional withdrawal should be made final.
The regulator said it will provide a further update once the investigation has been completed
