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Unnamed South African Investor Proposes Buying 51% Stake in Collapsed Crypto Firm for $5 Million
12.11.2021
An unknown investor has proposed to acquire a 51% stake in Africrypt — the collapsed cryptocurrency investment company — for a purchase price of $5 million. However, in exchange for the offer, the investor wants all criminal proceedings against Africrypt directors dropped. Offer Must...
South African Finance Minister Seeks to Stop Pension Funds From Investing in Cryptocurrencies
1.11.2021
South African finance minister Enoch Godongwana has put forward proposals that bar pension funds from investing in cryptocurrencies, and has also set November 12 as the public comment deadline. Cryptocurrencies a Grey Area According to a report by Business Insider SA, Godongwana’s timeframe...
Alleged South African Bitcoin Fraudster Makes First Court Appearance Since Arrest
26.10.2021
Sandile Shezi, the South African bitcoin trader accused of defrauding investors, recently made his first court appearance before a Johannesburg magistrate. Shezi out on Bail The bitcoin trader’s court appearance came just days after he honored his pledge to surrender himself to the police....
Report: Leading South African Bank Sends Account Termination Notices to Crypto Arbitrage Traders
23.10.2021
One of South Africa’s biggest banks, Standard Bank, has reportedly sent account termination notices to clients that offer automated cryptocurrency arbitrage services. Bank’s Criteria Questioned This move, according to a Mybroadband report, has sent shockwaves through...
Fraud-Accused South African Bitcoin Trader to Turn Himself Over to Police: Report
19.10.2021
Sandile Shezi, the young South African bitcoin trader who is facing fraud charges, has denied allegations he scammed shareholders in his Global Forex Institute. Shezi: Shareholders Signed Up for Education, Not Investments Despite his rejection of the allegations, a spokesperson for...
Liquidator of Defunct South African Crypto Exchange Says He Found a 54 BTC Discrepancy in Ice3’s Accounts
18.10.2021
A court-appointed liquidator, Dewald Breytenbach of National Liquidators, recently claimed that out of the 76 bitcoins that belonged to the now-defunct South African cryptocurrency exchange, Ice3, his firm can only account for 22. Ice3’s Abrupt Shut Down The liquidator adds that the crypto...
South African Regulator ‘Welcomes’ Binance’s Decision to Terminate Certain Services in the Country
16.10.2021
A South African regulator, the Financial Sector Conduct Authority (FSCA), says it welcomes Binance’s decision to stop offering some of its services to South Africans. Productive Consultations In a statement, the FSCA suggested that the move by the cryptocurrency exchange came after it held...
Crypto Exchange Binance Terminates Some Services in South Africa After Warning by Regulator
9.10.2021
Binance has announced that it is terminating some services in South Africa to comply with regulations. This move followed a warning issued by the South African financial regulator that Binance Group was not authorized to give any financial advice or render any intermediary services in the country....
South African University to Commence Blockchain and Digital Currency Education in November
4.10.2021
A South African university, the University of Cape Town (UCT) has revealed it will commence blockchain and digital currency classes starting in November. According to the institution, students that enroll and complete the $693 six-week course will be issued a legal certificate. Better Understanding...
Cryptocurrencies Have ‘No Intrinsic Value’ Says South African Hedge Fund Guru
4.10.2021
Jean-Pierre Verster, the founder of a South African hedge fund Protea Capital Management, has said he does not believe there is “intrinsic value” in cryptocurrencies. He insists that cryptocurrencies have “elements of a Ponzi scheme” and for that reason, he has...
Chipper Cash Extends Peer-to-Peer Money Transfer Service to South Africa
27.9.2021
Chipper Cash, an African fintech start-up, has extended its peer-to-peer instant money service to South Africa. In addition to being able to use the remittance service, South African users will be able to buy, sell, and transfer cryptocurrencies like bitcoin, ethereum, and the USDC stablecoin....
South African University Professor Urges Country to ‘Finalize Cryptocurrency Policy’ — Warns Against Resisting Crypto
27.9.2021
A professor with the University of Johannesburg, Rabelani Dagada, has urged South Africa to finalize its cryptocurrency public policy if the country still wants to become a hub for digital currency innovation. History Will Repeat Itself In an opinion published by Itweb, Dagada warned South African...
Fintech Firm Centbee Graduates From South African Regulatory Sandbox
24.9.2021
Fintech firm Centbee recently announced it has successfully completed the testing of its cross-border remittance application, Minit Money. The testing of the application was carried out within the framework of the South African Intergovernmental Fintech Working Group (IFWG)’s regulatory...
Former Monero Developer Spagni Released From US Prison, Pledges to Address Fraud Allegations
23.9.2021
Former Monero developer Riccardo Spagni has been released from a U.S. prison where he reportedly spent “sixty-one days in solitary confinement.” The developer’s release was prompted by the failure of South African authorities “to make a timely submission in support of...
Directors of Collapsed South African Crypto Investment Firm to Testify via Virtual Platform
19.9.2021
Ameer and Raees Cajee, the two directors of the South African crypto-investment platform, Africrypt, are set to participate in an inquest that seeks to seal the fate of the collapsed firm. The Death Threats According to an Itweb report, the Cajee brothers — who have agreed to testify...
25% of South Africans Own Cryptocurrency With Average Value of Assets Held Below $70
15.9.2021
According to the findings of a study by KLA, a market research and data specialist firm, some 47% of South African adults are holders of cryptocurrency, with the majority of this number holding low-value investments. In addition, the study shows that 36% plan to invest in crypto in the future....
Bid to Have MTI Ponzi Declared Unlawful Scheme Suffers Setback — More Investors Oppose Motion
11.9.2021
A slew of late court filings by lawyers representing Mirror Trading International (MTI) investors has forced a South African judge to postpone the hearing of the liquidators’ application to have the online bitcoin scam declared an illegal business. Concern Over Implications of Declaration...
South African Exchange Sets New Crypto Withdrawal Limits — Restrictions ‘a Deterrent for Illicit Actors’
9.9.2021
One of South Africa’s biggest cryptocurrency exchanges, Luno, has confirmed that it has started restricting withdrawals by clients. The exchange insists the limits are meant to “act as a deterrent for illicit actors moving large amounts of funds within the crypto ecosystem.”...
After Warnings from South African Regulators Binance Rejects Accusations It Provides Financial Advice
5.9.2021
Beleaguered crypto exchange, Binance, has released a statement in which it denies accusations that provides financial advice or renders any intermediary services. In a statement released on Twitter less than 24 hours after the Financial Sector Conduct Authority (FSCA)’s warning, the crypto...
Singapore, South Africa Latest Countries to Warn Against Crypto Exchange Binance
4.9.2021
The list of regulators warning that Binance is illegally operating in their jurisdictions continues to grow. The authorities in Singapore and South Africa have become the latest to warn that the global cryptocurrency exchange may be in breach of their local laws. South Africa’s Financial...