Don't deal with Bitcoin Investment, regulator warns

The Financial Sector Conduct Authority has warned consumers against a scaly operator called Bitcoin Investment.

The Financial Sector Conduct Authority (FSCA) has warned consumers against a scaly operator called Bitcoin Investment.

You are warned against doing any business with Bitcoin Investment because it is not authorised to provide any financial advice and intermediary services under the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act),

According to the FSCA, Bitcoin Investment claims to be an authorised financial services provider (FSP) with licence number 16798 and displays a false certificate in its office, which it alleges was issued by the Financial Services Board (FSB), the forerunner the FSCA. 

The FSCA once 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 provide financial services as well as for which services they are authorised.

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