South African financial regulator FSCA (The Financial Sector Conduct Authority) has suspended the license of ZAR X effective from 20 August 2021.
This comes after ZARX’s non-compliance regarding the liquidity and capital adequacy requirements of an exchange. The company is not allowed to trade at the moment apart from processing transactions that were already in motion.
ZAR X is required to inform affected parties about the current state of play as part of suspension conditions.
Speaking about the suspension news reports quoted, FSCA Commissioner Unathi Kamlana “We don’t take this regulatory action lightly, given its impact”.
As it stands, FSCA requires a weekly status report from ZAR X.
Please follow and like us:
Leave a Reply