The South Africa Financial Sector Conduct Authority issued a public warning about individuals impersonating authorised financial services provider Exness ZA (Pty) Ltd (FSP 51024) on Telegram and WhatsApp, where group administrators are soliciting investments while posing as Exness representatives. Exness confirmed it is not associated with the administrators and does not conduct business through these platforms. The FSCA noted the group administrators are not authorised under any financial sector law to provide financial services and did not respond to regulatory enquiries, and it urged consumers to be cautious of unsolicited social media investment or trading offers, highlighting red flags including unrealistic returns, upfront payment requirements, additional payments to access returns, paid training requirements, urgency tactics and vague product information. The authority also reminded the public to verify a provider’s authorisation status and FSP number through FSCA verification channels.

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