The regulator of financial services providers (FSPs) has issued a warning to the public about Crowd1, a suspected pyramid scheme that has been banned in Namibia and the Philippines.
In a statement released this week, the Financial Sector Conduct Authority (FSCA) says Crowd1 “is not authorised to render the financial services it is providing” in SA.
Crowd1 is neither an authorised FSP nor a representative of one, and there is also no record of it having applied for a licence with the FSCA, the regulator says.
The FSCA has referred Crowd1 to the SA Reserve Bank, where it is being investigated.
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