South Africa’s three largest cryptocurrency exchanges say they have been approached by the South African Revenue Service as part of a tax risk assessment exercise on residents.
Author: Ciaran Ryan
One of just two local manufacturers of electrical transformers says it faces liquidation after a procurement team at Eskom handed two contracts worth R341-million to the more expensive bidder.
Having earlier said Tesla would accept bitcoin as payment, Elon Musk this week reversed that position, stating cryptocurrencies’ “promising future cannot come at a great cost to the environment”.
The Financial Sector Conduct Authority issued and withdrew a warning on South African cryptocurrency arbitrage company Ovex – all in the space of hours on Thursday.
It was all done on Zoom calls with no in-person meetings. That’s how smoothly the latest $4-million fundraising call from crypto investment company Revix went.
Crypto exchange iCE3 said it had been “advised to initiate liquidation proceedings” after suspending all trading on the exchange in March following the discovery of account discrepancies.
A Financial Sector Conduct Authority health warning on cryptos comes amid a flood of complaints from investors who lost money or were scammed, says head of enforcement at the regulatory body, Brandon Topham.
Mirror Trading International was the world’s biggest crypto scam of 2020, having roped in R8.6-billion worth of bitcoin across 470 000 transactions, according to a report by Chainalysis.
Ether, the second biggest crypto asset after bitcoin, hit its previous all-time high of US$1 400 this month and is trading at 130 times its price of four years ago. Astonishingly, the rally may be far from over.
The supreme court of appeal has thrown out MTN South Africa’s appeal against a judgment ordering it to pay R11.4-million in damages, plus interest, to a dealer whose business was shut down in 2011.