Pan-African crypto exchange Mara reportedly lost approximately million out of the million raised from investors. Following the exchange’s collapse, founder and CEO Chinyere Nnadi is said to have launched a new entity called Jara. Nnadi reportedly argued that the exchange depleted its raised capital by paying high salaries to attract talent. CEO Avoids […]
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South African Regulator Investigates 30 Cases of Unlicensed Crypto Operations
The Enforcement Division within South Africa’s Financial Sector Conduct Authority (FSCA) has formed a team to investigate individuals or entities operating crypto financial services without proper licenses. Currently, 30 cases are under scrutiny. The FSCA aims to protect the public and maintain industry fairness by taking decisive action against unlawful crypto businesses. The regulator will […]
Bitcoin News
South African Tax Authorities Scrutinize Crypto Traders Amid Compliance Uncertainty
South African crypto traders have reportedly started receiving notices from the South African Revenue Service (SARS) indicating that their tax affairs are under review. The revenue collector is gathering information from various crypto-asset exchanges to assess compliance. Traders who fail to provide requested information could face criminal charges under the Tax Administration Act. SARS may […]
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South African Retailer Accepting BTC Sees Significant Increase in Monthly Crypto Transactions
The South African retail giant, Pick n Pay, has reported a significant increase in the value of monthly cryptocurrency payments, rising from approximately ,350 to ,000. The regions of Gauteng, KwaZulu-Natal, and the Western Cape in South Africa account for the lion’s share of Pick n Pay’s crypto transactions. Retailer Sees More Crypto Transactions in […]
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Intel Partners With African Development Bank to Train 3 Million in Advanced AI Skills
The African Development Bank (ADB) and Intel have announced a significant partnership to train three million Africans and 30,000 government officials in advanced artificial intelligence (AI) skills. According to the ADB, this training is expected to revolutionize the African digital ecosystem and contribute to economic growth. The program will tackle socio-economic challenges and enhance productivity […]
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South African Police Nab Alleged Mastermind of Metaverse Ponzi Scheme
Neil Leon De Waal, a key figure in the GS Partners metaverse fraud case, was reportedly arrested by South African law enforcement in late May. He was subsequently released on bail on June 3. Authorities began investigating De Waal following a complaint from one of his victims. The complainant, who lives in Benoni, had to […]
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Claims Against Collapsed South African Bitcoin Investment Firm Rise to $84.5 Million
Claims against Mirror Trading International (MTI) have reached over .5 million (ZAR1.6 billion), with more than 8,000 proven creditors as of the end of April. The MTI estate still holds around .7 million in its accounts. Legal action is underway in multiple countries to recover withdrawals made by those who profited from the scheme. MTI […]
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Liquidators of South African BTC Scam Allocate Nearly 40% of Recovered Funds to Legal Fees and Taxes
Out of the approximately million (ZAR1.1 billion) that was recovered to pay back victims of the collapsed bitcoin investment platform Mirror Trading International (MTI), only .3 million remains. Court documents reportedly state that liquidators have used the recovered funds to pay an outstanding tax liability of .2 million and legal fees of .78 million. […]
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South African Central Bank Opts Against Publishing CBDC Study Findings
The South African Reserve Bank has reportedly decided not to unveil the findings of the initial phase of its central bank digital currency feasibility study. Instead, the central bank said it is currently focused on the second phase of the study and will release a report once it is satisfied with the progress made in […]
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South African Prosecutors Set to Pursue Collapsed Pyramid Scheme Co-Conspirators
South African prosecutors are reportedly investigating co-conspirators of Mirror Trading International and may charge them with fraud or forgery. The declaration of the scheme as unlawful may have strengthened the National Prosecuting Authority’s case against the masterminds of Mirror Trading International. MTI Directors May Face Charges Under the Prevention of Organized Crime Act South Africa’s […]
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