Brandon Topham, crypto arbitrage, FSCA, operating unlawfully, Ovex, public warning

South Africa’s Financial Sector Conduct Authority (FSCA) has apologized to a Cape Town-based crypto start, Ovex, less than 24 hours after warning that the firm was operating outside the law.

Ovex Does Not Require Licence From FSCA

In its May 7 retraction, the financial watchdog said the findings of an investigation into Ovex, which specializes in crypto arbitrage services, suggest that the firm is operating outside the FSCA’s purview. The statement says:

Meanwhile, the FSCA’s about-face comes after its head of enforcement, Brandon Topham, was quoted in the local media defending the regulator’s initial handling of the matter. Responding to a media inquiry, Topham admitted that the issuing of the warning did not mean Ovex was “operating unlawfully.†Instead, the warning statement, according to Topham, was intended to urge the investing public to be cautious when dealing with Ovex “as they are making claims of returns.â€

However, according to a report, the FSCA executive did admit at the time that the regulator might have “jumped the gun†and that an amendment to its warning statement would be made once more information was obtained.

Regulator Panic

In the meantime, the same report also carried Ovex’s initial response to the “damaging†warning that it said was “issued without giving the company time to respond to questions sent earlier in the week.†In its statement, Ovex said:

The crypto firm also said it had stopped its advertising campaign until this issue was resolved and that it expected the FSCA to issue a full retraction.

What do you think of the FSCA’s withdrawal of the public warning against Ovex? Tell us what you in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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