The Financial Sector Conduct Authority (FSCA) urges the public to exercise caution when conducting financial services business with an entity known as Quantum Wins.
The FSCA has received reports that Quantum Wins is soliciting funds from members of the public through an online trading platform. Quantum Wins purports to trade in cryptocurrencies on behalf of the public and promises guaranteed profits. Members of the public are encouraged to deposit funds into cryptocurrency wallets, after which they are unable to withdraw or access any profits. The FSCA warns that any offer of excessively high returns should be treated with suspicion.
Quantum Wins claims on its website that it “adheres to all applicable financial regulations and standards set forth by regulatory bodies, such as the Financial Sector Conduct Authority (FSCA), the market conduct regulator of South Africa. Our operations are subject to regular audits and reviews to ensure ongoing compliance.” The FSCA clarifies that Quantum Wins is not authorised under any financial sector law to provide financial services in South Africa. Despite efforts to make contact, the FSCA was unable to reach Quantum Wins for comment.
The FSCA reminds the public that anyone offering financial products or services in South Africa must be authorised in terms of the applicable financial sector legislation. These impersonators are not licensed or authorised to provide any financial services or products in the country.
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.