FSCA Issues A Crypto Health Warning

https://harounkola.com/bitcoin/fsca-crypto-warning/

The FSCA is receiving a large number of complaints from South African investors who have lost their savings through investing in a crypto-related investment that they did not understand, or a scam packaged as a crypto investment promising unrealistic high returns.

Cryptoassets, or cryptocurrencies as they are commonly called, are digital representations of value that are not issued by a central bank.

Some of the more wellknown cryptoassets include Bitcoin (BTC) and Ethereum (ETH). Cryptoassets are traded, transferred and stored electronically. They have been used for payments, investments and capital-raising.

Crypto-related investments are not regulated by the FSCA or any other body in South Africa. As a result, if something goes wrong, you’re unlikely to get your money back and will have no recourse against anyone.