Crypto Exchanges FTX and ByBit Blacklisted By South Africa’s Financial WatchDog

The Financial Sector Conduct Authority (FSCA), South Africa’s financial watchdog, today issued a press release warning crypto investors in the country about two popular cryptocurrency exchanges, FTX and Bybit. The FSCA stated that the exchanges were not authorized by the country’s laws to render intermediary services or give financial advice. It adds that the companies also lacked authorization to trade in contracts for difference (CFDs) in South Africa. The consumer warning is coming after last year saw crypto scams in South Africa reach new records.