$307K Fine Sparks Crypto Regulation Questions in Africa

Africa Bitcoin Corporation's CEO Warren Wheatley has stepped down after being fined $307,750 and debarred from the financial services industry for 20 years by South Africa's Financial Sector Conduct Authority (FSCA). The hefty fine is related to three trades involving 50 shares worth a combined $18.53 in September 2022.

The FSCA accused Wheatley of creating an artificially inflated share price and deceptive appearance of demand or supply for Altvest shares, which was listed on the Cape Town Stock Exchange at the time.

In response to his resignation, Wheatley claimed that he had executed the trades as a test while using a stockbroker platform that didn't function correctly. He stated that he hasn't sold any shares in the company since then.