Is Banxso safe? What happened to it?
By Gerald Louw · Last verified: July 2026 · How we verify
Collapsed — in liquidation
Banxso no longer operates. The FSCA withdrew its licence (provisionally October 2024, finally July 2025), the Western Cape High Court placed it in final liquidation on 2 March 2026 after finding it "factually and commercially hopelessly insolvent", and the FSCA fined its owner and a former director a record R2 billion. More than 7,000 investors are creditors in the liquidation.
Who you actually contract with
- ▸Banxso (Pty) Ltd — Cape Town-based, formerly FSCA-licensed. Licence provisionally withdrawn October 2024, permanently withdrawn July 2025.
- ▸Placed in final liquidation by the Western Cape High Court on 2 March 2026; six liquidators administer the estate.
Verified findings — with sources
- FSCA administrative penalty of R2 billion against owner Harel Sekler and former director Warwick Sneider — the largest in the regulator’s history (2026).
- Court papers: 7,000+ investors; proven claims exceed R137 million against roughly R113 million recovered so far.
- The liquidation is currently contested by companies linked to Banxso’s owner — full coverage in our ongoing investigation.
- A second-wave scam now targets Banxso victims using their personal data — no legitimate liquidator charges upfront fees to recover funds.
We publish only findings we verified against regulators' own releases, registers, or the broker's own disclosures — and we name the source. Unverified claims circulating online are excluded.
Before any money moves
- Anyone claiming to represent a "relaunched" Banxso is running a scam
- If you are a victim: never pay an upfront "recovery fee", and be wary of anyone asking you to concede your claim
Frequently asked questions
Can I still trade with Banxso?
No. Banxso’s licence is withdrawn and the company is in final liquidation. Any site or person offering Banxso trading today is a scam.
Will Banxso victims get their money back?
Partially, at best, and slowly: ordinary investors are concurrent creditors, paid after liquidation costs from whatever the liquidators recover. The process is contested and running in years, not months. Our Banxso liquidation coverage tracks every development.
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