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FSCA investigating trading platform Regenesis Markets

The FSCA says it is investigating contracts for difference provider Regenesis Markets (Pty) Ltd following complaints from clients that they have not received their funds after submitting withdrawal requests.

Regenesis Markets, which is an authorised FSP, provides online trading for range of products, including CFDs, single-stock futures, indices, local and international cash, commodities, and exchange traded funds.

Approached for comment, Regenesis Markets told Moonstone it was “co-operating with the FSCA” and was “certain we will be vindicated”.

Following its preliminary investigation, the FSCA said last week it has directed Regenesis Markets to:

  • Cease to accept new clients and/or process new client applications.
  • Deactivate the function on its website that enables the public to sign up as new clients.
  • Disallow any new transactions entered into by existing clients. Regenesis Markets may assist clients to close out any pre-existing open CFD positions.
  • Perform an immediate accounting and reconciliation of client funds.
  • Inform its active clients, within three days of its directive, of the current state of affairs of Regenesis Markets, with specific reference to its difficulty in honouring withdrawals.

The FSCA said its investigation was ongoing.

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