Inside the FSCA's Warning List: Every Scam and Broker Flagged in 2026 So Far

Last updated: 4 July 2026

We are halfway through 2026, and South Africa's financial regulator has been busy. The FSCA has issued public warnings at a pace of more than two per week, provisionally withdrawn the licences of two CFD brokers, opened a formal investigation into a third, and watched the largest broker collapse in South African history move through the courts.

We went through every public warning and enforcement action the FSCA has issued this year — the press releases, the news coverage, the court records — and pulled it into one place. If you trade forex or CFDs from South Africa, this is what the first six months of 2026 looked like.

The short version: the scams are getting more sophisticated, the regulator is moving faster than it used to, and the same names keep coming back under new letterheads.

The Numbers First

In its most recent Regulatory Actions Report (year ending March 2025), the FSCA issued 107 public warnings — more than two every week. In the same period it imposed 51 penalties totalling around R120 million, debarred 131 individuals from the industry, and withdrew 382 licences.

2026 is tracking the same relentless pace. In January alone, the regulator warned the public about at least eleven separate operators — fake FSCA employees, hijacked Facebook pages, Instagram forex "institutes", and crypto hubs promising impossible returns.

The Big Three: Licensed Brokers in the Crosshairs

Most FSCA warnings target unlicensed operators. What made 2026 different is that the regulator went after licensed CFD brokers — companies with real FSP numbers that traders could look up and verify.

Mixirite — licence provisionally withdrawn, 24 June 2026

The FSCA provisionally withdrew the licence of Mixirite (Pty) Ltd, citing aggressive and manipulative high-pressure sales tactics, unauthorised advice, guaranteed-return promises, suitability failures, and inadequate risk disclosure. The regulator said the firm posed a "real risk of harm to clients".

If that playbook sounds familiar, it should. Moneyweb had flagged Mixirite in late 2025 as a possible rebirth of the Banxso and AfriMarkets operation, staffed by former representatives of both firms. We covered that story in detail in our investigation: Banxso, AfriMarkets, Mixirite — the same forex scam wearing new names.

Imermarket (InvesaCapital) — licence provisionally withdrawn, 2 July 2026

Two days ago, the FSCA provisionally withdrew the licence of Imermarket (Pty) Ltd, which traded as InvesaCapital under FSP number 640. The firm had been under FSCA investigation since November 2025 over offering CFDs without proper authorisation and advice that caused client losses.

Note what happened here: a company with a valid, verifiable FSP number — one that would pass a basic register check — was quietly under investigation for months before the licence was pulled. A licence check tells you a broker is registered. It does not tell you the regulator is circling.

FXNovus — formal investigation announced, June 2026

The FSCA announced a formal investigation into FXNovus (Pty) Ltd (FSP 50963) and three individuals connected to the firm. An investigation is not a finding of guilt — but the pattern of licensed CFD brokers attracting enforcement attention is now impossible to ignore.

The Banxso Shadow Over Everything

The biggest broker story in South Africa reached its endpoint on 2 March 2026, when the Cape High Court placed Banxso into final liquidation. Judge Le Grange described the company as "factually and commercially hopelessly insolvent". Around 7,000 investors are owed money, with losses approaching R1 billion.

Since then:

The R2 billion in FSCA penalties and 30-year director debarments imposed in December 2025 still stand.
Liquidators have recovered roughly R113 million — a fraction of what investors lost.
In May 2026, Banxso's owner filed a High Court review through Flamingo Clearing House challenging the creditors' process — a move that has stalled recovery of an estimated R990 million+ reportedly held via Flamingo.
Key individuals are scheduled to testify at an insolvency enquiry later in July 2026.

Meanwhile, the FSCA warned throughout 2026 that the operation's sales machinery did not die with the company — it moved. First to AfriMarkets (licence withdrawn December 2025), then to Mixirite (licence withdrawn June 2026). The people change letterheads faster than the regulator can withdraw licences.

The Five Scam Patterns of 2026

Reading six months of warnings side by side, five patterns dominate.

1. Telegram groups impersonating real, licensed firms

This is the dominant scam of 2026. In May, the FSCA warned about Telegram groups impersonating three licensed firms simultaneously: Prime Investments (using its real FSP numbers 42255, 43521 and 53796), Fairtree Asset Management (using the actual CEO's name and details), and PWM Wealth Management (using the firm's name and logo).

The scammers use real FSP numbers, real branding, and real staff photos. If you "verify" the FSP number, it checks out — because it belongs to the legitimate firm being impersonated. We explained how this trick works in our guide to borrowed and hijacked licences.

2. Impersonating the regulator itself

In January, the FSCA warned about a person posing as an FSCA employee and soliciting "processing fees" to release unclaimed benefits, followed by a broader warning about individuals impersonating the FSCA and its staff. Later warnings covered impersonators of CySEC, the Prudential Authority and SARS. The regulator does not phone you asking for fees. Ever.

3. Instagram forex "institutes" and signals sellers

January's batch included an Instagram forex institute, and individuals soliciting funds for forex trading and signals. The FSCA's head of enforcement, Gerhard van Deventer, called selling trading signals "the scam du jour" in April — his words: "it's all nonsense".

4. Guaranteed and absurd returns

Fast Profit Income promised "up to 200% of your first investment" (warning issued June 2026). A January operator promised R6,000 back on a R300 deposit. Mixirite's licence withdrawal specifically cited unrealistic and guaranteed return promises. The maths never changes: nobody can guarantee returns, and 200% is not a return — it is bait.

5. Deepfakes of officials and celebrities

Scammers are now using AI-generated videos of FSCA executives and celebrities to endorse fake schemes. If a video of a regulator or a famous businessman is telling you about an investment opportunity, assume it is fake until proven otherwise.

The 2026 Warning List So Far

January 2026

Elizabeth McLean — impersonating an FSCA employee, soliciting "processing fees"
Money Mates (Facebook page) — using Bidvest Insurance branding without any affiliation
Annelize van Peterson — using 27Four Investment Managers' FSP number to promise R6,000 on a R300 investment
Renzo Marco Torrente & Omne Digital Wealth Management Solutions — unauthorised crypto solicitation via Instagram
Marius Koegelenberg — unauthorised investment solicitation
Jeandre Bezuidenhout — unauthorised forex trading solicitation
Bandile Lugayeni — unauthorised investments and forex signals
Elite Krypto Hub — unauthorised crypto solicitation
Jody Ray Low & JRL Forex Institute — unauthorised Instagram forex operation
Sokwalisa Trading CC & Thobani Ntshangase — public warning, unauthorised financial services
Warning about individuals impersonating the FSCA and its staff

May 2026

Telegram group impersonating Prime Investments (FSPs 42255, 43521, 53796)
"Fairtree Capital Ltd" Telegram group impersonating Fairtree Asset Management (FSP 25917)
Telegram group impersonating PWM Wealth Management (FSP 51323)

June — July 2026

Fast Profit Income — crypto and forex scheme promising up to 200% returns
Mixirite (Pty) Ltd — FSP licence provisionally withdrawn, 24 June
Kobus Venter & Kobus Venter Wealth Planning — public warning, 29 June
FXNovus (Pty) Ltd and three individuals — formal investigation announced
Imermarket (Pty) Ltd, trading as InvesaCapital — FSP licence provisionally withdrawn, 2 July

This list covers warnings we could verify against the FSCA's own press releases and reporting from Moonstone, Moneyweb and Business Report. The regulator issues warnings continuously — always check the FSCA website for the latest.

What This Means for You

A valid FSP number is the beginning of due diligence, not the end. Mixirite had a licence. Imermarket had a licence. Banxso had a licence. The Telegram scammers used real FSP numbers belonging to legitimate firms. Here is how to check whether an FSCA licence is actually valid — and what a licence check cannot tell you.

Verify the channel, not just the number. If you found the "broker" through a Telegram group, a WhatsApp add, an Instagram DM or a deepfake video, the FSP number they quote almost certainly belongs to someone else. Contact the licensed firm directly through the website listed on the FSCA register and ask if the person who approached you actually works there.

Guaranteed returns are a full stop. Not a yellow flag — a red one. Every scheme on this year's warning list promised certainty. Real brokers are legally required to warn you that most retail CFD traders lose money.

Check before you deposit. Our free Broker Checker scans a broker's regulatory status, warning-list appearances and risk signals in seconds. It exists precisely because of stories like the nineteen above. Use it before your money leaves your bank account — not after.

The FSCA is issuing warnings faster than most traders can read them. Six months into 2026, the message from the regulator's own enforcement record is blunt: the most dangerous scams no longer look like scams. They look like licensed brokers.