ChainCatcher news, the South African Financial Sector Conduct Authority (FSCA) announced that although the Western Cape High Court has lifted the asset preservation order against the South African exchange Banxso (Pty) Ltd, Banxso's Financial Services Provider (FSP) license remains revoked.In addition, the company is prohibited from conducting financial services business, and its funds can only be used to migrate clients to other FSCA-authorized financial service providers. The related case of Banxso is scheduled for a retrial on December 4, 2024, and the FSCA is investigating the activities of Banxso and its management.

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.