Deepfake profits and ‘overwhelming’ illegality: Banxso liquidated
The High Court finds Banxso knowingly benefited from deepfake adverts, misled clients about its licence and returns, and is ‘hopelessly insolvent’.
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Banxso licence withdrawal – FST dismisses reconsideration bid
The Tribunal dismisses separate applications brought by Banxso and four executives, saying they lack legal standing.
FSCA slaps Banxso and directors with record R2bn fine
The Authority says the penalties reflect the financial benefit gained from unlawful conduct and the harm to clients – handing 30-year debarments to several Banxso executives.
Banxso will contest provisional liquidation order
Judge says there is a prima facie case that the trading platform does not operate within the confines of the law.
Authority acts against online trading platforms
The FSCA says Banxso and Afrimarkets are linked through common directorships and conducted their business in a similar manner.
Did the FSCA overstep in Banxso’s liquidation battle?
Banxso claims the FSCA violated the Financial Sector Regulation Act by handing over interview transcripts that were supposed to remain internal. The Authority insists its subpoena was valid and no promises of confidentiality were made.
Banxso and law firm clash over scammers exploiting investors
As scammers exploit Banxso investors with fake fund recovery schemes, Banxso and law firm Mostert & Bosman point fingers at each other over data breaches and accountability.
Scammers target Banxso investors with fake fund recovery schemes
Scammers are preying on Banxso investors, promising to recover lost funds for a fee, the FSCA warns.
Banxso v FSCA over links to deepfake adverts
The Authority challenges Banxso’s claim that it is not connected to Immediate Matrix’s deepfake adverts.
FSCA refutes claim of Banxso licence reinstatement amid ongoing investigation
The liquidation application against Banxso claims that the number of clients deceived by the deepfake adverts is far greater than previously reported.
Banxso: FSCA suspends licence and FIC freezes bank accounts
The Authority says its investigation raises concerns about aggressive sales tactics, unrealistic returns, and significant losses by clients.
Banxso: FSCA to investigate allegations of financial misconduct
The trading platform denies any involvement in the deepfake advertisements that circulated on social media.
