South African Regulator Maintains Banxso License Revocation

According to Foresight News, the Financial Sector Conduct Authority (FSCA) of South Africa has announced that despite the Western Cape High Court lifting the preservation order on Banxso (Pty) Ltd, the financial services provider (FSP) license of the South African exchange remains revoked. Banxso is prohibited from conducting any financial services business, and its funds are restricted to facilitating the transfer of clients to other FSCA-authorized financial service providers. The case concerning Banxso is scheduled for a review on December 4, 2024, and the FSCA is actively investigating the activities of Banxso and its management. Previously, Foresight News reported that the FSCA had temporarily revoked Banxso's financial service provider license in October. The regulatory body stated that once the investigation is concluded, it will consider the findings along with Banxso's response before making a final decision, which will be communicated to the public. The ongoing investigation underscores the FSCA's commitment to ensuring compliance and protecting the interests of financial service consumers in South Africa.