South African Regulator Temporarily Revokes Banxso's License

According to Foresight News, the Financial Sector Conduct Authority (FSCA) of South Africa has temporarily revoked the financial service provider license of the South African cryptocurrency exchange Banxso. The FSCA cited allegations that Banxso used deepfake technology in its advertisements and employed aggressive sales tactics, promising unrealistic returns to customers, which resulted in significant losses for many clients. Currently, Banxso has been given the opportunity to respond to these allegations. The FSCA stated that once the investigation is complete, it will consider the findings and Banxso's response before making a final decision and informing the public.