FSCA warns the public against Crypto Currency Trading Group (CCTG) Ltd
Pretoria - The Financial Sector Conduct Authority (FSCA) has today issued a warning to the public to be cautious when doing any financial services business with Crypto Currency Trading Group (CCTG) Ltd, which is suspected of breaching several South African financial sector laws, including falsely impersonating an authorised financial services provider (FSP) and rendering unauthorised financial services.
In a statement issued on 3 August, the regulators stated that it had come to its attention that Crypto Currency Trading Group (CCTG) Ltd is using FSP Number: 45332 which belongs to Wingfield Motors (Pty) Ltd. Wingfield Motors (Pty) Ltd has confirmed that they have no relation to Crypto Currency Trading Group (CCTG) Ltd.
"It is the FSCA’s view that, based on the information we received, Crypto Currency Trading Group (CCTG) Ltd may be conducting unregistered business and providing advisory and intermediary services without the necessary authorisation. Alternatively, they may not be providing financial services at all but are engaged in a fraudulent scheme using a FSP number fraudulently.
"Members of the public should always check that an entity or individual is registered with the FSCA to provide Financial Advisory & Intermediary Services and what category of advice it is that the entity is registered to provide," the regualator said.
It further reminded customers who wished to conduct financial services with an institution or person to check beforehand with the FSCA on either the toll-free number (0800 110 443) or on https://www.fsca.co.za/Fais/Search_FSP.htm whether such institution or person is authorised to render financial services.
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