The Financial Sector Conduct Authority has said the online trading platform’s licence remains withdrawn despite a recent court ruling
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The FSCA provisionally withdrew Banxso’s financial service provider licence in mid-October and brought its investigation and preliminary findings to the attention of the Financial Intelligence Centre and the National Prosecuting Authority’s Asset Forfeiture Unit . “The FSCA is aware of allegations that Banxso is contacting clients and advising them that it ‘has been cleared’, that its licence has been reinstated and that it may render financial services. The authority has interviewed witnesses who have confirmed this and will investigate these allegations further,” it said.
“The authority reiterates that Banxso’s licence has not been reinstated and that it cannot lawfully conduct any financial services business or receive any deposits from clients for such purpose,” the FSCA said.An application for the liquidation of Banxso has also been brought in the Western Cape high court. The authority is cited as a respondent in the matter which is set down to be heard on 4 December.
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