FSCA Warns Public Against BitCoin Xpress

The Financial Sector Conduct Authority (FSCA), South African financial markets regulator, has warned the public to act with caution when dealing with BitCoin Xpress (BTCoin Xpress).

According to its website (https://btcoinxpress.com/), BTCoin Xpress is an international online broker that offers financial services in various financial instruments. The website claims that BTCoin Xpress has been around since 2013 and has processed more than 8 billion dollars in transactions and has happy customers in over 40 countries.

On its website, BTCoin Xpress also claims to be authorised and regulated by the FSCA under FSP number 46614. This incorrect and false as BTCoin Xpress is not authorised as a financial services provider. The FSP number 46614 belongs to ForexTime Ltd t/a FXTM (FXTM), an authorised FSP. The FSCA has contacted FXTM to establish whether there is a relationship between itself and BTCoin Xpress. FXTM has since confirmed that there is no relationship between itself and BTCoin Xpress. 

The FSCA warns that members of the public should always check that an entity or individual is registered with the FSCA to provide Financial Advisory & Intermediary Services and what category of advice it is that the entity is registered to provide. 

It again reminds consumers who wish to conduct financial services with an institution or person to check beforehand with the FSCA as to whether or not such institution or person is authorised to render financial services.