‘Crypto is Highly Suspect,’ Says Head of South Africa’s Financial Services WatchDog

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South Africa’s Head of Investigations at the Financial Sector Conduct Authority (FSCA) has expressed his opinion on crypto and warned people to stay away from it.

During a media briefing, Brandon Topham, the FSCA head of Investigations, said:

“In my opinion, anything to do with a crypto is highly suspect and nobody should be invested in anything form of cryptocurrency or any of the products that go with it.”

Topham also said that because of its unregulated nature, crypto is like ‘extremely high risk.’ He instead said that those interested in crypto should rather go to a casino because such establishments are regulated and registered in South Africa.

SEE ALSO5 Proposed Recommendations to Expect from the Upcoming Regulatory Framework by the South African Reserve Bank

Despite an ongoing draft bill that seeks to recognize digital assets, cryptocurrencies remain unregulated in South Africa.

As a result, a few banks have gone ahead to cut ties with crypto exchanges in the country and even go as far as limiting third party providers from offering their services to crypto firms and exchanges.

Understandably, scams that have seen many South African’s lose money continue unabated. FSCA has put out a cautionary statement on some of these crypto investment firms.

Topham believes that cryptocurrency itself will probably never be regulated in South Africa despite authorities working towards regulating the services related to cryptocurrencies.

 

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