MyZA

News, Directory, Events and Other Stuff

You are here: Home / News / Business / Individuals Impersonating Exness ZA (Pty) Ltd

Individuals Impersonating Exness ZA (Pty) Ltd

The Financial Sector Conduct Authority (FSCA) advises the public to exercise caution when engaging in financial services transactions with individuals impersonating financial services provider (FSP) Exness ZA (Pty) Ltd (Exness) (FSP number 51024) on Telegram and WhatsApp.
The FSCA received information that Exness is being impersonated on both platforms, where the administrators of these groups are soliciting investments from members of the public by posing as representatives of Exness. Exness has confirmed that it is not associated with the administrators of the Telegram and WhatsApp groups and has emphasised that it does not conduct business through these platforms.
While the FSCA does not comment on the specific business model or services offered via Telegram and WhatsApp, it is important to note that the administrators of these groups are not authorised under any financial sector law to provide financial services to the public.
Moreover, the administrators failed to respond to the FSCA’s enquiries.
The public is strongly urged to exercise caution when considering investment or trading offers on social media platforms or any unsolicited offers. There are many fraudsters operating scams, and the number is growing. South Africans lose millions of rands every year to fraudsters. Illegal operations are sometimes well-disguised as legitimate operations.
The public is advised to be on the lookout for certain tell-tale danger signs when approached by persons offering attractive investment opportunities.
Be alert to the following red flags:
  • Unrealistic or exaggerated returns
  • Offers made via social media platforms
  • Requests for upfront payments
  • Demands for additional payments to release your investment
  • Charges for training or onboarding
  • Pressure to act quickly or urgently
  • Vague or unclear information about the investment product.
Category: Tag: ,

If you feel strongly about this article then feel free to send MyZA a ‘Letter to the Editor’ using the submission form below:

Letter to the Editor

This field is for validation purposes and should be left unchanged.
If this is in response to an article please include that article title here or as the lead in for the first paragraph of your Letter below.

Separate tags with commas

Localise your letter by naming the city your words are about. Add relevant words describing your subject. Single comma separated words of no more than 5
Your Name(Required)
Your Name will be linked to the website below.
Your personal, business or social media web site
Choose NO to not set up a user account on MyZA. User Accounts will allow you to submit letters under your own Author Name

3 Latest Letters to the Editor:

  • Older Persons Grants Land Today — No Need to Queue at Dawn

    Dear Editor, Older Persons grants are paid today, 30 October, under SASSA’s revised November payment schedule — with disability grants on Monday 2 November, children’s grants on Tuesday 3 November, and grants under review on Thursday 5 November. Two things every beneficiary should know. First, grant money does not expire on payment day. It stays…

  • November Grants Pay Early – No Need to Queue at Dawn

    Dear Editor, I run SAGrant (sagrant.co.za), a free resource helping South Africans navigate SASSA grants. November grants pay earlier than usual. Older Persons grants are paid on Friday 30 October, Disability grants on 2 November, and Child Support and other grants on 3 November. Grants still under review are paid on 5 November. The money…

  • NSFAS 2027 applications close on 31 October — SASSA households, apply now

    Dear Editor, I run SAGrant (sagrant.co.za), a free resource helping South Africans navigate SASSA grants. NSFAS applications for the 2027 academic year close on Friday 31 October 2026, and no extension is expected. If your household receives a SASSA grant, your child already passes the NSFAS financial eligibility test — but they still have to…

Reader Interactions

Comments

  1. Domestic inflation: The highest inflation rate ever recorded in South Africa was in January 1986, at 20.7%. Some of you may remember those bad days where each wag of P.W. Botha’s finger put an extra percentile to the inflation rate. That year the average inflation rate was 18.7%. During the 2008 financial crisis, South Africa’s inflation rate was 11.5%. In July 2018, the latest official monthly inflation rate was 5.1%. With inflation, this low, production cost increases can be expected to remain low, despite the large hikes in the petrol price. This reduces the perceived risk of starting a business in South Africa. Compared to Venezuela (200 000% inflation rate) we are not doing too badly!