South African FSCA warns against growing crypto scams

The Financial Sector Conduct Authority (FSCA), South African financial markets regulator, has issued a Crypto health warning against the growing cryptocurrency scams in the country.

According to the press release, "The FSCA is receiving a large number of complaints from South African investors who have lost their savings through investing in a crypto-related investment that they did not understand, or a scam packaged as a crypto investment promising unrealistic high returns."

The growing crypto scams have rocked the South African regulatory stance for Bitcoin. Additionally, the FSCA is reportedly thinking of regulating all digital currencies, including Bitcoin and Ethereum. 

As the Crypto warning stated: "Crypto-related investments are not regulated by the FSCA or any other body in South Africa. As a result, if something goes wrong, you're unlikely to get your money back and will have no recourse against anyone."