South African Regulator Seeks More Crypto Powers After Alleged Ponzi Schemer’s Collapse
“At the point something becomes a Ponzi scheme, we have lost our jurisdiction,” a regulator told Bloomberg.
The company told customers withdrawals from the platform have been disabled, and they will get further details Wednesday.
The firm has urged users to withdraw holdings of other cryptocurrencies.
Crypto startup DCX Capital will apply to convert its crypto index fund EC10 into an ETF.
A looming regulatory clampdown following a major Ponzi scheme's collapse is already prompting some exchanges to flee abroad.
The South African Revenue Service is likely "ensnaring" non-compliant taxpayers, a tax consultancy said in a news report.