Latest news with #FinancialAdvisoryandIntermediaryServices
The Citizen
2 days ago
- Business
- The Citizen
Bitget surges forward in South Africa with crypto, stocks, derivatives, and cards – powering the future of digital finance
With more than 40 000 users and an average monthly trading volume of 70 million USDT on the platform, Bitget is now emerging as a key player in the country's digital finance space. As cryptocurrency adoption accelerates across Africa, South Africa is quickly becoming one of the continent's most active hubs for digital asset trading. Bitget, one of the world's leading cryptocurrency exchanges and Web3 companies, officially operates in South Africa through its locally regulated entity, Parsa Financial Services (Pty) Ltd (FSP No: 52563), authorised under the Financial Advisory and Intermediary Services (FAIS) Act. This ensures users in South Africa have access to a secure and regulated platform for digital asset services. A comprehensive financial gateway: Crypto, stocks, derivatives & cards Bitget's launch in South Africa isn't just about crypto trading. The platform introduces a full suite of financial offerings designed to give users the power to invest, trade, and spend with ease: Crypto and futures trading South African users can access a robust crypto trading experience across spot and derivatives markets, with a wide range of ZAR trading pairs and advanced trading tools. Bitget is widely recognised for its copy trading feature, allowing newcomers to replicate the strategies of top traders with one click. Xstocks – Tokenised Global Stocks Onchain In a bold step towards traditional finance integration, Bitget has launched Xstocks, allowing users to trade tokenised stocks like Apple, Tesla, and Amazon directly on-chain. This provides a seamless bridge between Web2 equities and the decentralised world of crypto – all with 24/7 access and no traditional brokerage middlemen. Learn more about Xstocks ZAR Fiat Channel: Easy Deposits with Callpay To make onboarding easier, Bitget has integrated ZAR deposit services through Callpay. This allows users to fund their accounts in local currency with fast, reliable payment options. More on ZAR deposits Crypto cards for everyday spending With the Bitget Card, South African users can spend crypto like cash, both online and in-store. The card offers seamless conversion from digital assets to fiat at the point of sale, making everyday spending easier than ever. Bitget's position as a top 3 global exchange in derivatives volume is further backed by its strong focus on transparency and compliance. According to a 2025 report co-published with Bitget consistently ranks among the most liquid and trusted platforms for altcoin derivatives. Read the full report. Moreover, Bitget is one of the few exchanges globally that maintains 100% Proof-of-Reserves. This means that every user's assets are fully backed and verifiable on-chain, giving customers peace of mind and ensuring Bitget never lends out or rehypothecates user funds. In addition, Bitget's Protection Fund, now valued at 742 million (as of 4 August 2025), is designed to cover users against unexpected losses due to hacks or extreme market volatility. This fund is self-insured, independently managed, and regularly audited, demonstrating Bitget's long-term commitment to user safety and financial transparency. Bitget's commitment to South Africa goes beyond product offerings. With localised support, regulatory alignment, and tailored partnerships, Bitget is positioning itself to be the go-to crypto exchange for South African investors, traders, and innovators. With initiatives such as Blockchain4Youth and Blockchain4Her, Bitget is investing in South Africa's youth through specialised education on blockchain and school sports sponsorships. As adoption grows and the lines between traditional finance and Web3 continue to blur, Bitget is here to help users across South Africa trade smarter, invest globally, and spend locally.
The Star
5 days ago
- Business
- The Star
South Africa emerges as a key player in cryptocurrency with Bitget's robust offerings
As cryptocurrency adoption accelerates across Africa, South Africa is quickly becoming one of the continent's most active hubs for digital asset trading. With more than 40,000 users and an average monthly trading volume of 70 million USDT on the platform, Bitget is now emerging as a key player in the country's digital finance space. Bitget, one of the world's leading cryptocurrency exchanges and Web3 companies, officially operates in South Africa through its locally regulated entity, Parsa Financial Services (Pty) Ltd (FSP No: 52563), authorised under the Financial Advisory and Intermediary Services (FAIS) Act. This ensures users in South Africa have access to a secure and regulated platform for digital asset services. A Comprehensive Financial Gateway: Crypto, Stocks, Derivatives & Cards Bitget's launch in South Africa isn't just about crypto trading. The platform introduces a full suite of financial offerings designed to give users the power to invest, trade, and spend with ease: South African users can access a robust crypto trading experience across spot and derivatives markets, with a wide range of ZAR trading pairs and advanced trading tools. Bitget is widely recognised for its copy trading feature, allowing newcomers to replicate the strategies of top traders with one click. Xstocks – Tokenised Global Stocks Onchain In a bold step towards traditional finance integration, Bitget has launched Xstocks, allowing users to trade tokenised stocks like Apple, Tesla, and Amazon directly on-chain. This provides a seamless bridge between Web2 equities and the decentralised world of crypto – all with 24/7 access and no traditional brokerage middlemen. Learn more about Xstocks. ZAR Fiat Channel: Easy Deposits with Callpay To make onboarding easier, Bitget has integrated ZAR deposit services through Callpay. This allows users to fund their accounts in local currency with fast, reliable payment options. More on ZAR deposits. Crypto Cards for Everyday Spending With the Bitget Card, South African users can spend crypto like cash, both online and in-store. The card offers seamless conversion from digital assets to fiat at the point of sale, making everyday spending easier than ever. Leading in Transparency and Security Bitget's position as a top 3 global exchange in derivatives volume is further backed by its strong focus on transparency and compliance. According to a 2025 report co-published with Bitget consistently ranks among the most liquid and trusted platforms for altcoin derivatives. Read the full report. Moreover, Bitget is one of the few exchanges globally that maintains 100% Proof-of-Reserves. This means that every user's assets are fully backed and verifiable on-chain, giving customers peace of mind and ensuring Bitget never lends out or rehypothecates user funds. In addition, Bitget's Protection Fund is now valued at 742 million (as of Aug 4th 2025), designed to cover users against unexpected losses due to hacks or extreme market volatility. This fund is self-insured, independently managed, and regularly audited, demonstrating Bitget's long-term commitment to user safety and financial transparency. The Road Ahead in South Africa Bitget's commitment to South Africa goes beyond product offerings. With localised support, regulatory alignment, and tailored partnerships, Bitget is positioning itself to be the go-to crypto exchange for South African investors, traders, and innovators. With initiatives such as Blockchain4Youth and Blockchain4Her, Bitget is investing in South Africa's youth through specialised education on blockchain and school sports sponsorships. As adoption grows and the lines between traditional finance and Web3 continue to blur, Bitget is here to help users across South Africa trade smarter, invest globally, and spend locally.
Daily Maverick
5 days ago
- Business
- Daily Maverick
Bitget Surges Forward in South Africa with Crypto, Stocks, Derivatives, and Cards – Powering the Future of Digital Finance
As cryptocurrency adoption accelerates across Africa, South Africa is quickly becoming one of the continent's most active hubs for digital asset trading. With more than 40,000 users and an average monthly trading volume of 70 million USDT on the platform, Bitget is now emerging as a key player in the country's digital finance space. Bitget, one of the world's leading cryptocurrency exchanges and Web3 companies, officially operates in South Africa through its locally regulated entity, Parsa Financial Services (Pty) Ltd (FSP No: 52563), authorized under the Financial Advisory and Intermediary Services (FAIS) Act. This ensures users in South Africa have access to a secure and regulated platform for digital asset services. A Comprehensive Financial Gateway: Crypto, Stocks, Derivatives & Cards Bitget's launch in South Africa isn't just about crypto trading. The platform introduces a full suite of financial offerings designed to give users the power to invest, trade, and spend with ease: Crypto & Futures Trading South African users can access a robust crypto trading experience across spot and derivatives markets, with a wide range of ZAR trading pairs and advanced trading tools. Bitget is widely recognized for its copy trading feature, allowing newcomers to replicate the strategies of top traders with one click. Xstocks – Tokenized Global Stocks Onchain In a bold step towards traditional finance integration, Bitget has launched Xstocks, allowing users to trade tokenized stocks like Apple, Tesla, and Amazon directly on-chain. This provides a seamless bridge between Web2 equities and the decentralized world of crypto – all with 24/7 access and no traditional brokerage middlemen. Learn more about Xstocks ZAR Fiat Channel: Easy Deposits with Callpay To make onboarding easier, Bitget has integrated ZAR deposit services through Callpay. This allows users to fund their accounts in local currency with fast, reliable payment options. More on ZAR deposits Crypto Cards for Everyday Spending With the Bitget Card, South African users can spend crypto like cash, both online and in-store. The card offers seamless conversion from digital assets to fiat at the point of sale, making everyday spending easier than ever. Leading in Transparency and Security Bitget's position as a top 3 global exchange in derivatives volume is further backed by its strong focus on transparency and compliance. According to a 2025 report co-published with Bitget consistently ranks among the most liquid and trusted platforms for altcoin derivatives. Read the full report. Moreover, Bitget is one of the few exchanges globally that maintains 100% Proof-of-Reserves. This means that every user's assets are fully backed and verifiable on-chain, giving customers peace of mind and ensuring Bitget never lends out or rehypothecates user funds. In addition, Bitget's Protection Fund now valued at 742 million (as of Aug 4th 2025), designed to cover users against unexpected losses due to hacks or extreme market volatility. This fund is self-insured, independently managed, and regularly audited, demonstrating Bitget's long-term commitment to user safety and financial transparency. The Road Ahead in South Africa Bitget's commitment to South Africa goes beyond product offerings. With localized support, regulatory alignment, and tailored partnerships, Bitget is positioning itself to be the go-to crypto exchange for South African investors, traders, and innovators. With initiatives such as Blockchain4Youth and Blockchain4Her, Bitget is investing in south Africas youth through specialised education on blockchain and school sports sponsorships. As adoption grows and the lines between traditional finance and Web3 continue to blur, Bitget is here to help users across South Africa trade smarter, invest globally, and spend locally. DM
The Citizen
26-06-2025
- Business
- The Citizen
Missing broker, missing money
Investors in Estcourt are knocking on all doors in their search for millions they invested with a local financial advisor. The advisor's lawyer says the matter is subject to police investigations and all investors are regarded as potential state witnesses. Picture: AdobeStock At least 40 people in the small town of Estcourt in KwaZulu-Natal are desperately looking for their financial advisor amid allegations that investments that were supposed to be placed with financial institutions have gone missing. Rumours circulate among the town's 32 000 residents that as much as R200 million could be involved. Investors have been knocking on every possible door to try to find the owner of Wood & Boon Insurance Brokers, Rookshana Khan, or her daughter, Rubina Khan. Their first stop was the financial advisor's office, however, they usually found it deserted. The stream of worried investors then started knocking on the door of a financial advisor working in the same building. The next stop was the local police station, but it had received so many complaints the would-be investors were allegedly turned away. One investor laid a complaint with the Office of the Ombud for Financial Services Providers (Fais Ombud), saying that she had invested R500 000 in August 2024 with the goal of receiving a monthly income. The ombud replied that there was 'insufficient information' to investigate the matter. ALSO READ: FSCA fines Middelburg insurance broker R1 million and debars her for 15 years No response Wood & Boon is registered as a Financial Services Provider (FSP) with the Financial Sector Conduct Authority (FSCA) – and Khan is listed as the key individual, compliance officer and one of the registered representatives. Her daughter is also listed as a representative. The investor received only two payments of R5 500 each, then nothing. She has been unable to get hold of Khan since August 2024 and still wants to know where her money is. The Fais Ombud said in its response to the complaint that there is no evidence that Khan had invested the money in a regulated financial product and the matter is outside of its authority. 'There is nothing to suggest that the respondent provided you with a financial service in respect of a recognised financial product as defined in the Financial Advisory and Intermediary Services (Fais) Act to empower this office with the required jurisdiction to access and dispose of this complaint,' it said. It noted that the documents apparently show that the investor agreed to invest with Khan directly. ALSO READ: FSCA says watch out for these scammers Subject to police investigation The ombud also says it could not assist as it was unable to reach the Wood & Boon office nor any of its representatives. 'The respondent has, to date, not responded to your complaint despite the six-week period in terms of our rules having passed. The respondent has, however, responded to a few other complaints through her lawyers, Van Rooyen Attorneys Inc. 'In their letter, the representative of the respondent mentions that they act on behalf of Wood and Boon Insurance Brokers CC and Mrs R Khan. Mrs Khan is currently admitted to the hospital, and they are unable to obtain detailed instructions. 'In their response to this office, they mention that the current matter is the subject of a police investigation and, as such, their client would prefer not to respond to the complaint while the investigations are ongoing. 'In circumstances such as these, where there is no further information available and the respondent is not cooperating in providing the information, this Office is unable to take the matter further,' the Fais Ombud says. ALSO READ: FSCA warning: These well-known people cannot help you to invest Don't ask … On 16 January 2025, Khan's lawyers addressed a letter to 'Wood & Boon Investors' in which the lawyer, Ig van Rooyen, tells investors not to contact his clients asking about their investments, hinting at legal repercussions should they do so. 'We act on instructions of Mrs. R Khan. It is our instructions that investment clients of Wood & Boon Insurance Brokers CC are attempting to contact our client and her daughter directly regarding the status of their investments. 'Please note that this matter is subject to Police investigations and all investors are regarded as potential State witnesses. Communications between our client and investors may therefore be regarded as interference with State witnesses, either directly or indirectly. Our client therefore kindly requests that all attempts at communications with her or her family be stopped immediately,' wrote Van Rooyen. He said his client is cooperating with the authorities and has not left South Africa as some investors have claimed. Van Rooyen confirmed that he is still acting for Khan, but that he could not supply a telephone number on which she could be reached. The fact that the police as well as financial authorities are turning people away – and a legal letter that seems threatening – has fuelled rumours that Khan is being 'protected', according to one disappointed investor. Read the letter from Van Rooyen Attorneys Inc, as supplied by the Fais Ombud. ALSO READ: FSCA warns consumers about investments with these unregistered entities Wood & Boon still registered with FSCA While the Fais Ombud promised to forward the complaint to the FSCA for investigation, the FSCA was unaware of the allegations against the broker when asked for comment this week. Gerhard van Deventer, divisional executive of the FSCA's enforcement department, says Wood & Boon is still registered with the FSCA as an authorised Category I FSP. This allows the brokerage to give advice and act as intermediary for long and short term insurance and investment products. It can also give advice and sell authorised retail pension fund products and regulated collective investment products, such as unit trusts. Van Deventer says that, according to FSCA records, the brokerage and its representatives are in good standing with the FSCA, but it will immediately investigate. 'The FSCA has not received any complaints against the FSP or its key individual, Mrs R. Khan,' he says. The FSCA says that its rules and regulations require that contact information on record for key individuals and compliance officers must be correct at all times. 'This forms part of the operational ability requirements that FSPs are obligated to comply with,' says Van Deventer. This article was republished from Moneyweb. Read the original here.
The Citizen
02-05-2025
- Business
- The Citizen
FSCA debars financial adviser for five years, fines him R1.1 million
Nobody is allowed to act as a financial service provider and give financial advice without being registered with the FSCA. The FSCA has debarred a financial advisor and fined him R1.18 million for working as a financial services provider without being registered. The Financial Sector Conduct Authority (FSCA) debarred Pierre Erasmus for five years and imposed an administrative penalty that includes the cost of the FSCA's investigation. The FSCA already warned the public in November 2023 to act with caution when conducting financial services business with FX Squad, which was not registered as a company and Petrus Rasmus Erasmus, known as Pierre. In its warning the FSCA said it received information that Erasmus and FX Squad offered to trade in forex on behalf of consumers and that Erasmus and FX Squad may be conducting unregistered financial services and/or the business of a bank by taking deposits from members of the public. 'The investigated parties are not authorised to render any financial advisory and/or intermediary services in terms of the Financial Advisory and Intermediary Services Act and are also not registered as banks in terms of the Banks Act,' the FSCA said. ALSO READ: FSCA warns consumers about investments with these unregistered entities FSCA investigation showed Erasmus collected funds like a bank The evidence collected during the FSCA's investigation showed that Erasmus offered his services and acted as a financial services provider without authorisation. The FSCA says in a statement that Erasmus collected funds from members of the public (clients) and used it to trade in contracts for difference (CFDs). According to Investopedia, a CFD is an arrangement made in financial derivatives trading where the differences in the settlement between the open and closing trade prices are cash-settled, while there is no delivery of physical goods or securities. The FSCA says he incurred substantial losses during his trading activities. Erasmus also gave financial advice to his clients by providing them with trading signals. A trade signal is a trigger to buy or sell a security and is generated by various analyses, such as technical indicators and mathematical algorithms, according to Investopedia. Many clients incurred losses when they traded in CFDs based on Erasmus' advice. The FSCA found in its investigation that Erasmus contravened section 7(1)(a) of the Financial Advisory and Intermediary Services (FAIS) Act in a material way. The practice of providing trading signals amounts to financial advice and that requires a financial services provider licence in terms of the FAIS Act. ALSO READ: FSCA dishes out fines for R2.1 million, R1.6 million and R200 000 How to check if someone is registered and licensed The FSCA says consumers should always check: That an entity or individual is authorised by the FSCA to provide financial products and services, including giving recommendations about how to invest; What category of advice the person is registered to provide, as there are instances where companies or people are registered to provide basic advice for a low-risk product and then offer advice on far more complex and risky products; and That the financial services provider (FSP) number the entity or individual offering financial services uses matches to the name of the FSP on the FSCA database. You can confirm the status and FSP number of a service provider or someone who claims to be an authorised service provider by calling the FSCA on its toll-free number at 0800 110 443. You can also do an online check for an authorised financial institution by licence category at or an online search for a financial institution that is an authorised FSP in terms of the FAIS Act at
