Odaily Planet Daily News South Africa's Financial Sector Conduct Authority (FSCA) temporarily revoked the financial services provider license of Banxso, a platform that provides cryptocurrency trading, on Wednesday, citing concerns that its marketing practices promised unrealistic returns to customers. Earlier, there were allegations that Banxso used deep fakes in its advertising and used aggressive sales techniques to force customers to invest without proper risk assessment. The FSCA warned that Banxso may be associated with deep fake advertisements of well-known billionaires such as Elon Musk, Johann Rupert, and Nicky Oppenheimer. These advertisements allegedly attracted investors and caused huge losses. Many customers said they experienced large losses after deciding to invest. Banxso denied any connection with the advertisements circulated on social media. The FSCA pointed out that Banxso agents often failed to conduct necessary risk and demand analysis before selling financial products, raising concerns about customer protection. In response to this disturbing practice, the FSCA has notified the National Prosecuting Authority’s (NPA) asset forfeiture unit and the Financial Intelligence Centre (FIC) and requested that seven of Banxso’s accounts be frozen. Pursuant to this request, the FIC froze Banxso’s bank accounts in early October. The company contested the decision in court, but on October 8, the Western Cape High Court upheld the FIC’s decision. Meanwhile, on October 14, the National Director of Public Prosecutions (NDPP) obtained a preservation order for the company’s funds under the Prevention of Organized Crime Act. (Cryptonews)