South Africa’s FSCA has not yet reinstated the license of South African exchange Banxso
the Financial Sector Conduct Authority (FSCA) of South Africa announced that although the High Court of the Western Cape Division has lifted the preservation order on the funds of Banxso (Pty) Ltd, a South African exchange, the financial service provider (FSP) license of Banxso has been revoked, and the company is not allowed to conduct financial services business. Its funds can only be used to transfer customers to other financial service providers authorized by the FSCA. The Banxso case is scheduled for retrial on December 4, 2024, and the FSCA is investigating the activities of Banxso and its management.
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