Gift an article

Authorities vow to tackle crypto crimes as 'vulnerable' South Africans lose billions to scams

accreditation
Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
loading...
Loading, please wait...
0:00
play article
Subscribers can listen to this article
As South Africa grapples with more bitcoin scams, authorities and regulators are playing catch-up.
As South Africa grapples with more bitcoin scams, authorities and regulators are playing catch-up.
Getty Images

Billions of rands that investors have lost to cryptocurrency scams like the Cajee brothers' Africrypt and Mirror Trading International (MTI) have the government worried about how vulnerable South Africans are as digital currencies take over the world.

But it's not just the individual investors that governments around the world are concerned for. Central banks are losing sleep over the elevated risk of undetected illicit financial flows, cryptocurrency price manipulation and tax evasion as virtual assets are still largely unregulated.

Making matters worse is that the system continues to flourish without intermediaries like banks and other financial institutions.

Read this for free
Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.
Subscribe
Already a subscriber? Sign in
Rand - Dollar
17.63
+1.2%
Rand - Pound
20.23
-0.2%
Rand - Euro
17.61
-0.5%
Rand - Aus dollar
11.47
+1.3%
Rand - Yen
0.12
+0.8%
Gold
1,726.04
+1.5%
Silver
21.05
+1.6%
Palladium
2,321.00
+4.3%
Platinum
934.50
+3.3%
Brent Crude
88.86
+4.2%
Top 40
59,840
+3.3%
All Share
66,313
+3.2%
Resource 10
64,568
+4.5%
Industrial 25
80,073
+3.2%
Financial 15
14,053
+1.7%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders