FX Squad Investigated by South Africa's Financial Sector Conduct Authority

The Financial Sector Conduct Authority (FSCA) of South Africa is investigating FX Squad and a related individual, while cautioning the public to exercise caution with regard to financial services offered by the parties under investigation.

According to the South African regulator, FX Squad and an individual named Petrus Rasmus Erasmus are both under investigation. The FSCA received information that the parties offered foreign exchange trading services to the public and suspected they were carrying out unregistered financial services and/or banking business by receiving client funds, as they are not registered as a financial intermediary or a bank under the relevant laws.

FX Squad is not registered as a company and the person associated with it, Mr Erasmus, is known as Pierre.

The FSCA is still conducting relevant investigations to confirm whether Fx Squad and Pierre have carried out unregistered financial services business or banking business.

Meanwhile, the regulator reminded the public to check the registration status of financial service providers.