South Africa Financial Sector Conduct Authority issues public warning against Nasper Capital over alleged misuse of Trade Nation Financial’s FSP number to promote Bitcoin investments

The South Africa Financial Sector Conduct Authority (FSCA) issued a public warning urging caution when conducting financial services business with Nasper Capital and with persons claiming to be associated with Trade Nation Financial (Pty) Ltd, after it became aware that Nasper Capital is using Trade Nation Financial’s financial services provider (FSP) number 49846 to solicit investments in Bitcoin. Trade Nation Financial confirmed it is not associated with Nasper Capital, and the FSCA noted that Nasper Capital is not authorised under any financial sector law to provide financial services to the public in South Africa. The FSCA indicated that the FSP number has been reflected in communications with members of the public from whom investments are solicited, and that Nasper Capital was not available for comment. It also reiterated common warning signs associated with scams, including unrealistic returns, approaches via social media, upfront payments, requests for additional payments to release investments, paid training requirements, pressure to act urgently, and vague product information, and encouraged the public to verify authorisation and FSP numbers on the FSCA’s channels and report suspicious activity through its fraud reporting mechanisms.