FSCA with egg on its face as OVEX gets the green light

South Africa's financial markets watchdog, the Financial Services Conduct Authority ("FSCA") has made a rather embarrassing account for themselves in the last 24 hours. Yesterday morning, a statement was issued that cryptocurrency trading platform OVEX was improperly conducting business without necessary authorisation. Within a matter of hours, the statement was retracted. CEO of OVEX, Jon Ovadia, was part of last night's BizNews Power Hour to clear the air. Just as businesses and individuals get fined by the market watchdog for improper conduct, such as insider trading or collusion, the FSCA should be fined in this case. Its caused unnecessary legacy issues for OVEX and makes investors skittish Learn more about your ad choices. Visit megaphone.fm/adchoices