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FSCA Issues Warning Against Cypher FX Miners for Unauthorized Financial Services

Published by
Martin du Toit
  1. The Financial Sector Conduct Authority (FSCA) has issued a public warning against Cypher FX Miners for providing unauthorized financial services.
  2. Cypher FX Miners falsely claims to be regulated by the FSCA on its website.
  3. The FSCA recommends that consumers verify the authorization of financial service providers before engaging in any financial transactions.

The Financial Sector Conduct Authority (FSCA) has issued a public warning against Cypher FX Miners, urging caution when engaging in financial services-related business with the company. According to the FSCA, Cypher FX Miners is not authorized under the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act) to provide financial advice and intermediary services.

The FSCA’s warning comes after discovering that Cypher FX Miners claims on its website (https://cypherfxpro.com/) to be regulated by the FSCA. The regulatory body has made several attempts to contact the company, but all efforts have been unsuccessful.

To protect consumers from fraudulent or unauthorized financial services, the FSCA recommends that the public verify the authorization of any entity or individual before purchasing or investing in any financial product or service. The FSCA provides several resources for consumers to check the authorization status of financial institutions, including a toll-free number (0800 110 443) and online search tools for both authorized financial institutions by license category and authorized FSPs under the FAIS Act.

As part of its mandate, the FSCA aims to promote and maintain a sound financial investment environment in South Africa. The regulatory body is committed to ensuring that consumers are protected against unauthorized and potentially harmful financial services providers.

Consumers are advised to use the FSCA’s resources to verify the authorization of any financial service provider before engaging in business with them. By exercising caution and due diligence, consumers can avoid potential financial pitfalls and ensure their investments are secure.

Martin du Toit

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Published by
Martin du Toit

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