Bitcoin south africa news
As the South African population is getting more aware and excited about cryptocurrency trading, the investors need a legitimate platform that could help them secure their investments from fraud and scams. Since the crypto exchange business has emerged along with the popularity of bitcoin and other cryptocurrencies. After the emergence of bitcoin as a money-making opportunity, many investors started to invest in building platforms for inventors and traders. For those people who are new to crypto trading, it is beneficial to understand that not all crypto exchange platforms are reliable and trustworthy.
We are searching data for your request:
Upon completion, a link will appear to access the found materials.
Content:
- South Africa preparing cryptocurrency regulatory framework to protect against scams
- S.Africa crypto exchange brothers disappear after client cash vanishes, lawyers say
- Crypto Assets & Tax
- How bitcoin met the real world in Africa
- IMF urges El Salvador to remove Bitcoin as legal tender
- Our Members
- Brothers who vanished with US$3.6 billion of investors' bitcoin can't be found
- Trading Bitcoin for South Africans in 2022
- Is Bitcoin Safe?
- Africa in the news: Ethiopia, Nigeria, and internet control updates
South Africa preparing cryptocurrency regulatory framework to protect against scams
If confirmed, Africrypt's losses would rank among the biggest crypto losses yet. Africrypt COO Ameer Cajee said in a letter to clients, dated April 13, that client accounts had all been compromised due to a recent breach in its system.
The letter, reviewed by Reuters, said Africrypt had halted operations and had "begun the process of attempting to retrieve stolen funds.
It gave no details of how much money was missing and warned clients that trying to get their money back using lawyers would "only delay the recovery process. The firm did not immediately respond to a request for comment on how it reached that figure. Reuters could not reach Africrypt for comment.
Calls to Cajee's mobile phone went to voicemail and he did not respond to text messages. The exchanges's website is offline. Darren Hanekom, a lawyer representing the investors, said that Cajee and his brother and co-founder Raess had been untraceable since the April 13 letter and that he had referred the matter to South Africa's specialist anti-corruption police, nicknamed the Hawks, on April Representations of cryptocurrencies including Bitcoin, Dash, Ethereum, Ripple and Litecoin are seen in this illustration picture taken June 2, Philani Nkwalase, spokesman for the Hawks, said they had so far been unable to open the case because Hanekom Attorneys is based in Western Cape and those seeking to recover their money are in other provinces.
Zakira Laher, Cajee's cousin, who said she was an Africrypt director until she quit in , told Reuters the brothers had been missing since April. They're not responding to us in WhatsApp. Hanekom said he had alerted several other crypto exchanges of the case and that his firm had this month informed South Africa's Financial Sector Conduct Authority FSCA , but that it could not get involved as it does not regulate cryptocurrencies.
The FSCA's head of enforcement, Gerhard van Deventer, told Reuters in response to questions about Africrypt that crypto currency is not defined as a financial product and that the FSCA did not have jurisdiction to investigate. Subscribe to our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
More from Reuters. Daily Briefing Subscribe to our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox. Sign up.
S.Africa crypto exchange brothers disappear after client cash vanishes, lawyers say
Bitcoin is not a private cryptocurrency and hence is unlikely to be banned. Bitcoin price crashed on Saturday, hitting a seven-week low after a new variant of coronavirus had emerged in South Africa. The sudden tumble in the cryptocurrency world brought bitcoin to the lowest level since October. Other cryptocurrencies also tanked on Friday as new Covid variant scare spooked the investors. Binance Coin slumped 5. A new variant detected in the southern Africa prompted the liquidations across the markets this week.
Crypto Assets & Tax
The two brothers and founders of the investment platform have now fled the country, Bloomberg reported. The South African police force, Hawks, was alerted after a Cape Town law firm Hanekom Attorneys, hired by investors said they were unable to trace the two brothers. It further told other cryptocurrency exchanges around the world if the brothers try to convert the digital coins to cash. Africrypt Chief Operating Officer Ameer Cajee, 17, and his brother Raees, 20, had set up Africrypt in and it provided bumper returns for investors, the report said. The company website was taken down and the publication was unable to reach neither of the brothers through calls. Reportedly, the signs of trouble started in April when Cajee, the elder brother, said that the company had become a victim of hacking and asked the clients not to report the incident to the authorities claiming it would decelerate the process of recovery of missing funds. It further said that the coins from client's wallets and funds from South Africa were passed through tumblers and mixers or to other large pools of bitcoin to make them untraceable. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express writtern permission of moneycontrol.
How bitcoin met the real world in Africa
The year-old boy was taken in the town of Witbank in the eastern province of Mpumalanga while he was playing with two friends near his home. Witnesses said a Toyota Corolla pulled up nearby and the teenager was dragged in and driven away. Local media said the ransom note was left at the scene. Bitcoin is a 'cryptocurrency' — a decentralised tradeable digital asset.
IMF urges El Salvador to remove Bitcoin as legal tender
They promised a minimum return of five times the amount invested, according to a police statement by one investor seen by Bloomberg. In the end, he invested close to R1. The company website is down. The matter has been reported to the Hawks, a representative said by email. It has not yet determined where the case would be prosecuted, the representative said. The FSCA has taken steps to have crypto assets declared financial products as theft related to crypto assets pile up in SA.
Our Members
Ryan Haar is a former personal finance reporter for NextAdvisor. She previously wrote for Bloomberg News, The…. A cold wallet — an offline device not connected to the internet— is the safest place to keep your crypto investment, according to experts. Despite an increase in fraud and theft, many experts tout the safety of Bitcoin investments — at least in terms of cybersecurity if not investment stability — thanks to secure blockchain technology. So, is investing in Bitcoin safe? Bitcoin is a volatile investment.
Brothers who vanished with US$3.6 billion of investors' bitcoin can't be found
If confirmed, Africrypt's losses would rank among the biggest crypto losses yet. Africrypt COO Ameer Cajee said in a letter to clients, dated April 13, that client accounts had all been compromised due to a recent breach in its system. The letter, reviewed by Reuters, said Africrypt had halted operations and had "begun the process of attempting to retrieve stolen funds. It gave no details of how much money was missing and warned clients that trying to get their money back using lawyers would "only delay the recovery process.
Trading Bitcoin for South Africans in 2022
Access full content on the International Adviser site, access your saved articles, control email preferences and amend your account details. By Cristian Angeloni , 28 Jun Two brothers from South Africa vanished alongside billions worth of bitcoin investments from their cryptocurrency investment platform Africrypt. He asked them to not report the matter to either lawyers or the authorities as it would have slowed down the recovery of the missing funds. But some investors remained sceptical and hired law firm Hanekom Attorneys to look into the matter, while a separate group began liquidation proceedings against Africrypt. The company was set up in by Ameer and his younger brother Raees.
Is Bitcoin Safe?
South Africa is one of the countries where the growth, adoption, and use of bitcoin and other cryptocurrencies continue to move at a fast pace. People are looking for how to buy bitcoin now more than ever. This has raised a lot of panic in the South Africa crypto community. Since the main purpose of digital assets is to encourage anonymous P2P transactions anywhere around the globe, they are used by some as a tool to bypass tax. To curtail this, SARS has joined a number of tax bodies around the world in monitoring profits made by crypto traders for appropriate taxation. Cryptocurrency trading is presently unregulated in South Africa, however, the government is taking necessary steps to control the digital asset community in the country.
Africa in the news: Ethiopia, Nigeria, and internet control updates
This move comes after individuals lost billions from crypto scams. The guidelines, which were developed in collaboration with peers such as the prudential authority and the financial surveillance board, will govern how Ethereum, XRP, and Litecoin trading should be performed. Regulations were introduced in response to two big crypto frauds that originated in South Africa, both of which resulted in the disappearance of billions of dollars in investments. The Cajee brothers ran a cryptocurrency investment platform from South Africa that the local regulator suspects of being a Ponzi scheme.
There are no comments yet.