South African regulators investigate 30 cases of unlicensed cryptocurrency operations

ChainCatcher news, the enforcement division of the Financial Sector Conduct Authority (FSCA) of South Africa has established a task force to investigate individuals or entities operating cryptocurrency financial services without the appropriate licenses. Currently, there are 30 cases under review.

The FSCA aims to protect the public and maintain fairness in the industry by taking decisive action against illegal cryptocurrency operations. The regulator will also publish the results of its investigations and issue warnings if unregistered cryptocurrency businesses are found. Before classifying crypto assets as financial products on October 19, 2022, the FSCA provided a grace period until November 30, 2023, for license applications to be submitted.