The Financial Sector Conduct Authority (FSCA) warns the public against doing any financial business with Bitcoin Investment, who is not authorised, in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act), to render any financial advice and intermediary services.
It was brought to the attention of the FSCA that Bitcoin Investment purports to be an authorised financial services provider (FSP) with licence number 16798 and displays a certificate in its office, which it alleges was issued by the Financial Services Board (FSB). The FSB has since been replaced by the FSCA. According to the FSCA’s records, Bitcoin Investment is not an authorised financial services provider and is not a juristic representative of any FSP; therefore it is not authorised render financial services as contemplated under the FAIS Act.
The FSCA again reminds consumers who wish to conduct financial services with an institution or person to check beforehand with the FSCA on either the toll free number (0800 203 722) or on the website www.fsca.co.za as to whether or not such institution or person is authorised to render financial services as well as for which services they are authorised.