Financial regulator warns against FTX and ByBit
According to a report by Bloomberg, the financial regulator issued two notices on Wednesday warning against trades with FTX, which is headquartered in the Bahamas, and ByBit, which is based in Seychelles. According to the Financial Supervisory Authority, the companies are not authorized to offer financial advice or brokerage services in South Africa.ByBit has offered South Africans access to its online derivatives trading platform, and FTX could do the same, the regulator said in a statement. FSCA indicated that attempts to contact FTX regarding this matter were unsuccessful, although ByBit agreed to apply for authorization to provide financial advisory and brokerage services.
What about regulation in South Africa?
The warnings come at a time when South Africa is scrambling to introduce new regulations for the crypto industry after two of the world's most significant fraud cases emanated from the country, in which investors allegedly lost billions of dollars worth of Bitcoin. The proposed rules will include guidelines for how South Africans can interact with crypto exchanges this year.The Africrypt incident was one of two significant scams in South Africa in the last 18 months. The other involved Mirror Trading International, which defrauded investors of $589 million in August 2020. Despite the country's bad news, prominent crypto CEOs said that 2022 is a big year for passing federal regulatory adoption and crypto continues to be an essential issue for companies operating in South Africa.
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