Banxso Continues Trading Despite License Withdrawal

The controversial trading platform Banxso is still operating and accepting client deposits, despite its financial services license being provisionally withdrawn by the Financial Sector Conduct Authority (FSCA) and its bank accounts being frozen. Banxso offerings include Forex, Stocks, Commodities and Crytocurrencies, amongst others.

Reports reveal that Banxso has continued trading through its platform, and some clients were instructed to deposit funds into the Absa account of Ahead Start, even after other major banks froze Banxso’s accounts in early October. According to Moneyweb, more than 220 people have now been claiming to have collectively lost over R118 million due to Banxso.

The Financial Intelligence Centre (FIC) has described Banxso as a “criminal enterprise designed to defraud the public.” Accountants should be vigilant if they encounter any clients affected by this issue or dealing with similar online trading platforms.

If you or your clients are affected, be aware of the ongoing legal proceedings and exercise caution with any instructions from Banxso or related entities. Stay informed to help protect your clients from further financial harm.

Source: Moneyweb