• FSCA Media Release

FSCA warns the public to act with caution when dealing with Coinit Trading (Pty) Ltd and COMMEX MINE

The Financial Sector Conduct Authority (FSCA) has executed a search and seizure warrant at the business premises of Coinit Trading (Pty) Ltd and COMMEX MINERALS (Pty) Ltd, as well as the private home of one of the former directors of Coinit Trading. Documents and computers were seized for the purpose of determining if there is any evidence that a financial sector law may have been contravened.

On 30 August 2019, the FSCA launched a formal investigation into the activities of Coinit Trading and COMMEX MINERALS as these entities were suspected to be operating an investment scheme in contravention of a financial sector law, and the possibility that clients’ investments may have been misappropriated.

The FSCA wants to make it clear that neither of these entities are licensed to conduct any financial services nor to receive deposits from the public, even though they falsely claim to be authorised by the FSCA.

The public is once again reminded not to conduct financial services business with an entity that is not licensed by the FSCA and should be extremely cautious when offered unrealistic returns.


Enquiries: Financial Sector Conduct Authority Email address: Communications@fsca.co.za Telephone: 012 367 7883

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