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Financial misconduct: FSCA issues landmark R2bn penalty against Banxso
The Mercury
|December 11, 2025
Online trading platform directors face blanket debarment from the industry for 30 years
BANXSO faces R2 billion fine from FSCA for serious financial misconduct.
(SUPPLIED)
THE Financial Sector Conduct Authority (FSCA) has taken decisive action against Banxso (Pty) Ltd and its key individuals, imposing a staggering R2 billion in administrative penalties for a range of serious financial misconduct offences.
Alongside the hefty penalty confirmed on Banxso and its directors, Harel Adam Sekler and Warwick David Sneider, the regulator also levied an additional fine of R16 million on the company for various other contraventions.
Individual penalties were imposed on directors Manuel de Andrade, Mohammed Bux, and Henry James Simpson, amounting to R20 million, R10 million, and R5 million, respectively.
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