The Financial Sector Conduct Authority (FSCA), issued a warning on 2 February 2021 against the growing cryptocurrency scams in the country. “The FSCA is receiving a large number of complaints from South African investors who have lost their savings through investing in a crypto-related investment that they did not understand, or a scam packaged as a crypto investment promising unrealistic high returns.”
The FSCA points out that, currently, crypto-related investments are not regulated by the FSCA or any other body in South Africa. As a result, if something goes wrong, investors are unlikely to get their money back and will have no recourse against anyone.
“The high risks already inherent in crypto assets is further being compounded by scam activity, as well as unregulated firms targeting consumers with marketing material that highlights the rewards, but not the potential downside, of investing in crypto assets. The FSCA is working at finding measures to regulate certain aspects and players in the crypto asset space.
Click here to download the FSCA media release that details the financial risks involved.
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I was scammed by a crypto company called IC markets investment platform, recently I was required to pay R1450 to a company who promise me to retrieve my profits, called Pepper Stone trading, I paid the money but still I haven’t received any notification about my profits, infact they request another payment, I have all the proof of payment aswell as the company pics of the people who assist me, please help
I was scammed last year by IC market platform investment I invested R1290,.so Pepper Stone trading investment approach me in helping me to retrieve my profits, I paid R1450 as withdrawal fee and reflection fee, but they request another payment, after I paid, please assist me in this matter, I have proof of payment and other documents as evidence