South Africa raises awareness of unverified online investment

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cryptocurrencies
cryptocurrency

The South African Financial Sector Conduct Authority (FSCA) on Saturday warned people not to conduct online business transactions with unverified companies.

They gave an example, namely Karatbars International GmbH, which is not registered as an authorized financial services provider. The FSCA said Karatbars made representations to them that they market two products in South Africa which are gold bullion and crypto-asset.

“FSCA continues to caution the public that these kinds of transactions are high-risk,” said the FSCA in a statement. “The public will have no recourse, protection or assurance by the FSCA relating to these transactions which are styled in some cases as investment purchases.”

The financial authority warned that Karatbars wanted to sell products to South African citizens who are using their discretionary foreign or investment allowances to make these purchases.

“Consumers must also ensure that they physically receive the gold bullion or product they have purchased and do not rely on external custodians to hold these assets on their behalf beyond a very limited period, ” said FSCA. Enditem

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