South Africa's FSCA Warns against CMFX Trading

The Financial Sector Conduct Authority (FSCA) issued a warning against CMFX Trading. The Authority said CMFX Trading is not authorised in terms of any financial sector law to provide financial services to the public in South Africa.

The authority stated that It has come to the attention of the FSCA that CMFX Trading is soliciting funds from members of the public for investment purposes while promising unrealistic returns.

CMFX offers to trade in Bitcoin on behalf of members of the public and promises guaranteed profits. CMFX Trading is promising investors returns of up to R23000 from an initial investment of R6 000 within three days. The Authority points out that trading profits cannot be guaranteed and an offer of unrealistic returns must be viewed with great suspicion.

FSCA warns, To avoid unnecessary risk, the public should refrain from accepting financial advice, assistance, or investment offers from individuals or entities not authorised by the FSCA.

About FSCA

The Financial Sector Conduct Authority (FSCA) is responsible for market conduct regulation and supervision. FSCA aims to enhance and support the efficiency and integrity of financial markets and to protect financial customers by promoting their fair treatment by financial institutions, as well as providing financial customers with financial education. The FSCA will further assist in maintaining financial stability.

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