BitMEX Owner Leads $3.4M Round for South African Crypto Exchange
BitMEX owner 100x said investing in VALR’s Series A would bring exposure to the fast-growing South African market.
“At the point something becomes a Ponzi scheme, we have lost our jurisdiction,” a regulator told Bloomberg.
Placed under provisional liquidation last month, Mirror Trading had claimed to be able to offer returns of 10% a month using bots to trade clients' bitcoin.
The South African Revenue Service is likely "ensnaring" non-compliant taxpayers, a tax consultancy said in a news report.
If implemented, the declaration would require crypto firms in South Africa to register as financial services providers.
FCSA said Mirror Trading's self-proclaimed 10% monthly returns "seems far-fetched and unrealistic" as it opened an investigation.