FSCA Warns Public Against Union Fx & Fx Trade Bitcoin

The Financial Sector Conduct Authority (FSCA), South African financial markets regulator, has warned the public to act with caution when dealing with with Union Fx and Fx Trade Bitcoin. 

According to the information received by the FSCA, Union Fx claims to trade in cryptocurrencies and offers unrealistically high returns on investments. It is the view of the FSCA that the above mentioned entity is conducting unregistered business and providing advisory and intermediary services without the necessary authorisation.

Additionally, the FSCA received information that FX Trade Bitcoin is soliciting investments from the public. The regulator received complaints from investors who seem to be unable to recover their funds from FX Trade Bitcoin. 

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.