South African Crypto Exchange Banxso Suspended for Misleading Statements and Alleged Deep Fakes

The South African financial regulatory authority (FSCA) temporarily revoked the financial service provider license of Banxso, a platform that offers cryptocurrency trading, on Wednesday. The reason cited was due to concerns about their marketing practices making unrealistic promises to customers.Previously, Banxso was accused of using deceptive advertising and aggressive sales techniques to pressure customers into investing without proper risk assessment.