South Africa’s FSCA has issued a warning against unlicensed crypto firms Afriinvest and Mutualwealth, accusing them of promising unrealistic returns of up to 542 (R10,000) per day! These firms allegedly used AI claims and names of prominent South African figures, including Steve Hofmeyr and Afriforum CEO Kallie Kriel, to mislead investors. The FSCA stresses that neither entity is authorized to offer financial services in South Africa. ⚖️💱 Investors are urged to verify the licensing status of financial service providers via the FSCA’s official channels to safeguard their investments. How can regulators improve transparency in the crypto space? Share your thoughts below!