South African authorities have clarified Crowd1 scam project operates illegally

As AZCoin News reported, investors in South Africa began to realize they were caught up in a Ponzi scheme. And now the South African government has made it clear that the Crowd1 project is operating illegally.

South African authorities have clarified Crowd1 operated illegally

Instead of taking any initiative, The Financial Sector Conduct Authority’s (FSCA) has made it clear that Crowd1 is operating illegally in response to a public investigation on Twitter.

According to The Financial Sector Conduct Authority’s (FSCA), Crowd1 is not an authorized FSP nor a representative of an authorized FSP, and there is no record of an application to become an authorized FSP with the FSCA. They are not authorized to render any financial services as contemplated in the Financial Advisory and Intermediary Services (FAIS) Act.

This warning of FSCA is equivalent to the warning of securities fraud. Therefore, it is clear that Crowd1 is operating illegally in South Africa.

In this context, FSCA recommends:

“Members of the public are warned not to conduct any financial services business with any individual or entity associated with Crowd 1.”

In the first phase of recruitment, Crowd1 was concentrated in South Africa. Investors in South Africa began to realize they were caught up in a Ponzi scheme. Because investors have realized they have been tricked. In an effort to appease angry investors, South Africa’s Crowd1 leaders are urging their victims to recruit more.

At press time, Alexa ranks Crowd1 as the seventh most visited website in the country. South Africa still accounts for a large proportion of Crowd1 investors, but recruiting has chosen elsewhere in the world.

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