The Financial Sector Conduct Authority (FSCA) has defended its regulatory action against online trading platform Banxso and its directors, saying it followed due process in a complex investigation that ultimately led to the freezing of the company’s bank accounts and its provisional liquidation.
This comes after the FSCA imposed a staggering R2 billion in administrative penalties on Banxso and its key individuals for a range of serious financial misconduct offences.
Alongside the hefty penalty confirmed on Banxso and its directors, Harel Adam Sekler and Warwick David Sneider, the regulator also levied an additional fine of R16 million on the company for various other contraventions.
Individual penalties were imposed on directors Manuel…