The Financial Sector Conduct Authority has confirmed that it is investigating whether certain transactions executed in Africa Bitcoin Corporation Limited (ABC) securities during April and May 2026 contravened section 80 of the Financial Markets Act (FMA).
The FSCA told Moonstone on 14 October 2026 that it registered the investigation on 4 September 2026.
“This is an ongoing investigation, and as such we cannot provide any additional information regarding the matter at this time,” the regulator said.
Section 80 of the FMA prohibits trading practices that create, or are likely to create, a false or deceptive appearance of demand, supply, or trading activity, or an artificial price for a security.
Moonstone approached ABC for comment but not received a response by the time of publication.
The newly confirmed investigation follows the FSCA’s earlier enforcement action, which concerned trading between 5 and 8 September 2022 in the shares of Altvest Capital Limited, ABC’s former name.
In that matter, the regulator found that Warren Gregory Wheatley, Tatum Lucy Keshwar-Wheatley, and Akshay Suresh Karan acted in concert and contravened section 80(1)(a) of the FMA.
According to the FSCA, their co-ordinated conduct created an artificially inflated share price and/or a false or deceptive appearance of demand for, supply of, or trading activity in Altvest shares.
The FSCA debarred the three individuals for 20 years and imposed administrative penalties of R5 million on Wheatley, R3m on Keshwar-Wheatley, and R1m on Karan.
Read: UPDATED | FSCA details basis for debarments of Africa Bitcoin officers
Leadership and board changes
The investigation was registered during a period of significant leadership and board changes at ABC.
Wheatley resigned as the company’s chief executive and an employee with effect from 21 September. He had previously resigned from ABC’s board with effect from 31 August after the earlier FSCA decisions were communicated to the company.
Karan resigned as an employee and chief investment officer with effect from 1 October. ABC also announced that the consulting engagement through which Keshwar-Wheatley provided services to the group would terminate with effect from 25 October.
ABC subsequently appointed Nicolas Mugisha as chief investment officer and Chrizelle van der Colff as chief operating officer. Jonathan Phillips continued as chief financial officer.
Four directors resigned from ABC’s board with effect from 9 October after WGW Capital (Pty) Ltd and other shareholders holding about 71.8% of the company’s issued ordinary shares demanded resolutions for their removal.
The directors were independent non-executive chairperson Norma Sephuma, executive director Stafford Masie, and independent non-executive directors Snowy Masakale and GG Alcock.
The announcement said material differences had emerged between the board and WGW Capital and that the four directors concluded those differences could not be resolved.
Masie also tendered his resignation as interim chief executive and director of Bitcoin strategy, with 28 February 2027 as his intended final day of service. He has agreed to continue fulfilling his executive responsibilities during the transition.
ABC is listed on the JSE Main Board, General Segment. The company operates a Bitcoin treasury strategy alongside its private-credit activities.
