Latest news with #FinancialSectorConductAuthority
IOL News
8 hours ago
- Business
- IOL News
Financial institutions urged to vet CPD providers amid credential concerns
The Financial Sector Conduct Authority (FSCA) has issued a nationwide warning to financial institutions Image: File The Financial Sector Conduct Authority (FSCA) has issued a nationwide warning to financial institutions, urging them to carefully verify the credentials of Continuous Professional Development (CPD) providers before engaging their services. This warning comes after the financial sector watchdog "became aware that an entity known as LearnOn (Pty) Ltd (Learn On) has been offering continuous professional development (CPD) services to Financial Services Providers (FSP) without the necessary authorisation". "The services offered include the provision of assistance to FSPs in meeting their CPD competency requirements as set out in the Determination of Fit and Proper Requirements for Financial Services Providers, 2017 (Board Notice 194 of 2017) issued under the Financial Advisory and Intermediary Services Act, No. 37 of 2002," FSCA said. CPD is a required rule for financial services providers (FSPs). It helps make sure that key staff and representatives keep their knowledge and skills up to date so they can do their jobs well. Meeting the minimum CPD requirements is essential to stay compliant with the law. "It appears that LearnOn has issued CPD certificates bearing the logo of the Financial Planning Institute of South Africa (FPI) without authorisation and has used FPI reference numbers that are either invalid or linked to other approved CPD providers. Attempts to reach out to Learn On regarding these concerns via email and telephone have been unsuccessful," the financial sector watchdog said. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading The financial watchdog added that it was not commenting on LearnOn's business practices or the quality of its training programmes. "However, the FSCA deemed it important to bring this matter to the attention of financial institutions and urge them to verify the accreditation of CPD providers purporting to assist with the fulfilment of competency requirements under the FAIS Act with the relevant professional bodies before entering into any agreements in this regard". Failure to verify CPD providers and programmes may result in financial institutions not meeting their CPD. IOL Business Get your news on the go, click here to join the IOL News WhatsApp channel
IOL News
11 hours ago
- Business
- IOL News
Crypto traders, pay attention: legal changes are coming
South Africa's exchange control rules are laws that decide how money can move in and out of the country. They affect how much forex you can buy, how you invest overseas, and how businesses move funds across borders, says Davron Chanderdeo. A RECENT High Court ruling just confirmed something many of us in the crypto world have known for a while. South Africa's laws around money, especially when it comes to crypto, are completely outdated. Judge Mandlenkosi Motha ruled that the country's exchange control regulations, which were written way back in 1961, don't apply to cryptocurrencies like Bitcoin. That's a big deal, because up until now, traders and investors have been operating in a confusing space, unsure what the rules really are. So, what does this mean if you're trading crypto on Luno, VALR, or Binance? Whether you're an investor, casual buyer or someone who trades daily, here's how this decision affects you and what you should do next. Why this ruling matters South Africa's exchange control rules are laws that decide how money can move in and out of the country. They affect how much forex you can buy, how you invest overseas, and how businesses move funds across borders. Until now, there's been no clear rule about where crypto fits. Is it like rand? Is it a foreign investment? Or is it something totally new? Someone can transfer Bitcoin from Cape Town to a family member in Hong Kong in a matter of minutes and that transaction, under current law, isn't clearly defined as foreign or local. The court said: crypto is not covered by the old rules. It's time for new laws made just for digital currencies. So what changes for traders or the everyday South African? Let's break it down with a few real-life examples. You're trading from your couch: You buy Bitcoin on Luno, then move it to Binance for better trading options. Under the old rules, it was unclear whether that was considered 'sending money offshore'. Now? The court says crypto isn't covered, so you're technically not breaking exchange control laws. But this may change once new rules come in. You work for a financial firm or are an avid investor: Let's say your firm wants to launch a crypto ETF or offer Bitcoin as one of the assets in a pension fund. Right now, that's risky, because crypto isn't clearly identified as an onshore or offshore asset. Furthermore, Regulation 28 of the Pension Funds Act allows limited exposure to crypto assets (up to 10%), but asset managers remain cautious due to FSCA guidance and ongoing market volatility. This ruling could pave the way for investment houses to get involved which means more opportunities and better products for everyday investors. The bigger picture: why regulation is good for you Let's face it, most South Africans don't like the idea of more rules. But in the crypto world, the right regulation doesn't mean more red tape, it means more protection, less risk, and real growth. According to the Financial Sector Conduct Authority (FSCA), crypto-related scams are on the rise in South Africa, particularly across social media platforms like WhatsApp, Facebook, and Instagram. Fraudsters often impersonate legitimate traders or companies, promising unrealistic returns and then vanishing once funds are transferred via Bitcoin or other crypto. These scams exploit crypto's semi-anonymous nature, making it harder to trace transactions and recover funds. A 2023 FSCA report warned that South Africans lost over R500 million to crypto scams in just one year, with most scams originating via social media or messaging platforms. So why would these scammers ever stop? While there's currently no formal government-mandated transaction declaration process between crypto wallets, increased regulation may soon require verified identification through Know-Your-Customer (KYC) processes at local and international exchanges. This would make it harder for criminals to use crypto anonymously and easier for authorities to trace illicit activity. Implementing regulation will: - Help prevent scams by setting minimum standards for exchanges and wallet providers. - Make tax reporting easier, so you know what you owe and can plan properly. - Encourage large institutional investors (like pension funds and asset managers) to enter the market, bringing stability and liquidity. - Create a legal path for innovation, like launching crypto linked debit cards, savings products, or smart investment platforms. My final thoughts are that this ruling is a win for the crypto community, but it's also a wake-up call: the wild west era of trading is ending. That's not a bad thing, it means South Africa is taking crypto seriously. And when the law takes something seriously, so does the market. Traders who stay informed, track their gains, and keep things clean will benefit the most. Crypto is here to stay. With the right legal framework, it can shift from the margins to the mainstream, unlocking innovation, securing investor trust, and contributing meaningfully to South Africa's financial ecosystem.
The South African
3 days ago
- Business
- The South African
Crypto As Collateral: How To Trade Global Markets Using Cryptocurrencies With PrimeXBT
PrimeXBT, an industry-leading multi-asset broker, has expanded its Financial Sector Conduct Authority (FSCA) licence in South Africa, enabling it to offer Crypto asset services. Local traders now have access to Crypto and fiat-denominated accounts on the broker's platforms, including PXTrader and MetaTrader 5 (MT5). Deposits and withdrawals can be made in Crypto or fiat, and both can be used as collateral to open trades across 150+ markets. This is a major step towards wider, more secure Crypto adoption in South Africa and across the wider region, setting the standards for future licensing frameworks. This article will cover how South African traders can use PrimeXBT's platforms and tools to easily diversify their portfolios across markets, using Crypto as collateral for their trades. With the expansion of its offering, PrimeXBT enables local traders to buy, hold, sell, and exchange popular Cryptocurrencies, including BTC, ETH, USDT, and USDC. To deposit Crypto, clients simply choose which token to deposit and to which wallet or account. They then send the Crypto to the address provided. All transactions are fast and secure, with deposited tokens appearing in clients' wallets instantly. The broker uses top-tier security measures, including multi-signature cold storage technology to protect clients' digital assets. Rapid Crypto withdrawals are also supported. In addition, PrimeXBT offers various payment options for fiat currencies. These include support for ZAR deposits and withdrawals, local bank transfers, and regional third-party payment providers like Capitec Pay. When South African clients deposit ZAR, it's automatically converted to USD. From there, they can exchange into stablecoins (USDT or USDC) and use those to purchase crypto such as BTC or ETH. The same steps apply when converting crypto back to fiat. All fees are included in the exchange rate, and the process is quick and transparent. PrimeXBT's powerful built-in exchange functionality enables seamless Crypto-to-Crypto conversions. The process is simple, with no complex order books. Clients just enter the amount they want to convert and between which currencies. PrimeXBT empowers South African traders to do more with their Crypto by allowing it to be used as collateral to trade over a hundred global markets. These include Crypto Futures, Forex, and CFDs on Crypto, Stocks, Indices, and Commodities. Clients can open trading accounts in USD or USDT on PXTrader and MT5, providing added flexibility. With the broker's exchange functionality, other tokens can be easily converted to USDT, allowing traders to start opening positions immediately. The broker's platforms also offer a range of tools like TradingView integration, technical indicators, drawing tools, and algorithmic trading, to help clients analyse the markets and identify new opportunities. Local traders benefit from industry-leading trading conditions, including fees as low as 0% on non-Crypto CFDs. For Crypto CFDs, trading fees start at 0.05%, while for Crypto Futures, they are as low as 0.01%. Leverage of up to 1000x is available; however, traders should be aware that leveraged trading significantly increases both potential gains and potential losses. It may not be suitable for all investors and should be approached with proper risk management. Spreads start from as low as 0.1 pips, and with PrimeXBT's VIP Tiers, clients can receive substantial fee discounts based on trading volume. The broker works with multiple top-tier liquidity providers to ensure fast and reliable execution on its platforms, leading to 99.9% uptime even in volatile market conditions. By expanding its FSCA-regulated offering with the inclusion of Crypto, PrimeXBT is one of the first brokers in the region to truly bridge the gap between traditional and digital markets. South African traders can now take their portfolio diversification to another level, while moving capital seamlessly between asset classes. This opens up a world of new opportunities for traders to explore, backed by strong oversight and a commitment to security that comes from trading with a trusted and regulated broker. Start trading with PrimeXBT South Africa. Disclaimer: The content provided here is for informational purposes only and is not intended as personal investment advice and does not constitute a solicitation or invitation to engage in any financial transactions, investments, or related activities. Past performance is not a reliable indicator of future results. The financial products offered by the Company are complex and come with a high risk of losing money rapidly due to leverage. These products may not be suitable for all investors. Before engaging, you should consider whether you understand how these leveraged products work and whether you can afford the high risk of losing your money. The Company does not accept clients from the Restricted Jurisdictions as indicated on its website. PrimeXBT (PTY) LTD is an authorised financial services provider in South Africa with licence number 45697. PrimeXBT (PTY) LTD acts as an intermediary between the investor and the market maker which is the counterparty to the products purchased through PrimeXBT.
The Citizen
3 days ago
- Business
- The Citizen
Where to buy crypto in South Africa: PrimeXBT launches regulated crypto services
PrimeXBT offers some of the most competitive trading conditions in the industry. PrimeXBT, an industry-leading multi-asset broker, has launched crypto asset services in South Africa following the expansion of its Financial Sector Conduct Authority (FSCA) licence. This marks a significant milestone on the road to regulated crypto adoption in the country, helping make digital assets more accessible and secure for local traders. As one of the first regulated brokers in the region to offer traditional and crypto asset services all in one, PrimeXBT is reshaping how local investors interact with the markets. The broker empowers traders to diversify their portfolios, easily move funds between assets, and trade with confidence in a secure and reliable environment. This article will provide an overview of PrimeXBT's new crypto services and the benefits they offer South African traders and investors. Buying, selling and exchanging cryptocurrencies The addition of crypto to PrimeXBT's FSCA-regulated offering means South African traders can now seamlessly buy, hold, and sell popular tokens, such as BTC, ETH, USDT, and USDC. They can also quickly and easily do crypto-to-crypto and crypto-to-fiat conversions using the broker's built-in crypto exchange. Buying crypto with Fiat South African clients can deposit ZAR, which is automatically converted to USD. From there, they can exchange into stablecoins (USDT or USDC) and use those to buy crypto like BTC or ETH. All fees are included in the exchange rate, and the process is simple and transparent. Exchanging crypto for crypto To exchange crypto for crypto with PrimeXBT, clients simply need to enter the amount they want to convert. The process is quick, skipping unnecessarily complex order books. The broker also protects all digital assets with multi-signature cold storage technology, providing users with top-tier security. Using crypto as collateral to trade global markets PrimeXBT's latest update enables South African investors to trade 100+ global markets using digital currencies as collateral. The broker's platforms, including PXTrader and MetaTrader 5 (MT5), offer access to crypto futures, Forex and CFDs on stocks, indices, crypto, and commodities, with accounts in both fiat and crypto. This unlocks new market opportunities for local traders to explore in a secure and regulated environment. PrimeXBT offers some of the most competitive trading conditions in the industry. Trading fees are as low as 0% on non-crypto CFDs, 0.05% on crypto CFDs, and 0.01% on crypto futures, with spreads from 0.1 pips. Clients can also earn fee discounts of up to 50% based on their trading volume via PrimeXBT's VIP Tiers. The broker offers leverage of up to 1,000x, helping users start with a smaller initial investment and enabling them to trade more for less. Developing skills and knowledge with learning resources Trading education is important when introducing traders to new markets like crypto. PrimeXBT understands that financial growth starts with trust and is committed to helping people grow and develop in the markets. Knowledge-building is key, as is providing traders with a safe and secure environment where they can learn and improve their skills. The broker continues to invest heavily in regional development initiatives, including free educational seminars and online learning resources, to help South African traders get closer to realising their financial goals. Empowering local traders to do more with crypto With PrimeXBT's crypto rollout, South African clients can enjoy a complete trading experience that seamlessly combines traditional and digital markets. Using crypto as collateral to trade other global assets unlocks new options, enabling investors to diversify their portfolios with ease. More importantly, this is all offered under a recognised regulatory body, FSCA, providing local traders with the protection they need to confidently explore exciting new market opportunities. Start trading with PrimeXBT South Africa Disclaimer: The content provided here is for informational purposes only and is not intended as personal investment advice and does not constitute a solicitation or invitation to engage in any financial transactions, investments, or related activities. Past performance is not a reliable indicator of future results. The financial products offered by the Company are complex and come with a high risk of losing money rapidly due to leverage. These products may not be suitable for all investors. Before engaging, you should consider whether you understand how these leveraged products work and whether you can afford the high risk of losing your money. The Company does not accept clients from the Restricted Jurisdictions as indicated on its website. PrimeXBT (PTY) LTD is an authorised financial services provider in South Africa with licence number 45697. PrimeXBT (PTY) LTD acts as an intermediary between the investor and the market maker which is the counterparty to the products purchased through PrimeXBT.
TimesLIVE
13-06-2025
- Business
- TimesLIVE
Beware of fake videos of Ramaphosa, Motsepe in investment scams: FSCA
The Financial Sector Conduct Authority (FSCA) has warned the public about investment platforms falsely claiming association with prominent figures such as Patrice Motsepe, Leanne Manas, President Cyril Ramaphosa and Deputy President Paul Mashatile. These platforms have been using sophisticated deepfake videos to promote unrealistic investment schemes and deceive potential investors. The platforms reportedly offer unrealistic daily returns which raises immediate red flags about their legitimacy. 'The FSCA has learnt the platforms may be providing financial services to the public without authorisation. Investors are offered unrealistic returns of between R13,000 and R17,000 per day on an investment of R4,500.' The platforms use fake images and deepfake videos featuring popular public figures. 'In one of the deepfake videos Motsepe is seen promoting the investments offered via the investment platform and Mashatile is seen confirming the platform is authorised and investors will receive returns,' said the FSCA. 'In another video Ramaphosa is seen promoting investments and guaranteed returns. The individuals behind the platforms are not authorised in terms of any financial sector law to provide financial services to the public.'
