The Financial Sector Conduct Authority (FSCA) issued a public warning urging caution when dealing with an entity known as Quantum Wins, and clarified that it is not authorised under any financial sector law to provide financial services in South Africa. The warning follows reports that Quantum Wins is soliciting funds from members of the public through an online trading platform, claiming it trades cryptocurrencies on clients’ behalf and promising guaranteed profits. According to the FSCA, members of the public are encouraged to deposit funds into cryptocurrency wallets and are then unable to withdraw their funds or access any profits. The regulator also noted that Quantum Wins’ website claims compliance with regulatory standards and references the FSCA, but the FSCA could not reach the entity for comment. The FSCA reiterated that anyone offering financial products or services in South Africa must be authorised, highlighted common red flags including unrealistic returns, social media offers, upfront or additional payment demands (including to release investments), training or onboarding charges, pressure to act quickly, and vague product information, and advised consumers to verify authorisation status and ensure any representative’s details and financial services provider number match the FSCA register and the relevant category of advice.
South Africa Financial Sector Conduct Authority 2025-11-11
South Africa Financial Sector Conduct Authority issues public warning that Quantum Wins is not authorised to provide financial services
The South Africa Financial Sector Conduct Authority (FSCA) warned that Quantum Wins is not authorised to provide financial services in South Africa. Quantum Wins reportedly solicits funds online, promising guaranteed cryptocurrency trading profits, but clients can't withdraw funds. The FSCA advises verifying authorisation and cautions against red flags like unrealistic returns and pressure to act quickly.