South African cryptocurrency exchange Banxso has had its license temporarily suspended due to misleading statements and alleged deepfake promotions

ChainCatcher news, the South African Financial Sector Conduct Authority (FSCA) temporarily suspended the financial services provider license of the cryptocurrency trading platform Banxso on Wednesday, citing concerns that its marketing practices promised clients unrealistic returns.

There were previous allegations that Banxso used deepfake techniques in its advertising and employed aggressive sales tactics to pressure clients into investing without proper risk assessment.