Banxso says that it is an advanced platform in the online trading market in South Africa
has provisionally withdrawn the financial services provider licence of trading platform Banxso after it made unrealistic returns to market its products to clients.Banxso targeted digital-savvy South Africa n millennials with a broad investment portfolio, promising massive returns on investments.” used by Banxso agents when selling financial products to customers.
The FSCA has sounded the alarm against this trading platform and also also brought the matter to the attention of the Asset Forfeiture Unit of the National Prosecuting Authority .The FSCA said that it has also brought this matter to the attention of the Financial Intelligence Centre and asked them to freeze seven of Banxso’s accounts.
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