<\/p>\n
The Financial Sector Conduct Authority (FSCA) has debarred Africa Bitcoin Corporation (ABC) CEO Warren Wheatley and two other senior executives from providing financial products or services or holding key positions at financial institutions.<\/p>\n
ABC\u2019s board has subsequently removed all three from operational and decision-making responsibilities within the group. The debarments are for 20 years.<\/p>\n
No reason for the debarments has been publicly disclosed.<\/p>\n
Read:<\/p>\n
AltVest becomes the first company in Africa to start stacking bitcoin
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The decisions were communicated privately to the executives, who include chief investment officer Akshay Karan and Tatum Wheatley, head of media and investor relations, whose services were provided through a consulting company.<\/p>\n
Wheatley and Karan have been placed on precautionary leave for an initial period of one month, subject to review by the board, while Tatum Wheatley\u2019s consulting services have been suspended for the same period.<\/p>\n
ABC is the first listed African company to adopt bitcoin as a treasury reserve asset.<\/p>\n
It currently holds 5.53 bitcoin (worth R6.68 million) on its balance sheet, with plans to scale that over time. The group also provides financial services, growth capital and loans to small and medium-sized businesses.<\/p>\n
Read:<\/p>\n
Altvest to raise R3.68bn to buy bitcoin
\nSA firm to amass Bitcoin hoard in first for continent<\/p>\n
In a Sens statement, ABC said the three executives intend applying to the Financial Services Tribunal for reconsideration of, and suspension of, the FSCA\u2019s decisions.<\/p>\n
The three have also resigned as directors of Altvest Credit Opportunities Fund (ACOF), a wholly owned subsidiary of ABC.<\/p>\n
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Masie takes the helm<\/p>\n
ABC executive director and director of bitcoin strategy Stafford Masie has been appointed interim CEO. He will also oversee the group\u2019s executive arrangements relating to ACOF, without serving on its board.<\/p>\n
Masie is a South African tech entrepreneur and former Google South Africa country manager who founded payments company Thumbzup and has served on the boards of Discovery Bank and the CSIR.<\/p>\n
Read:<\/p>\n
Masie\u2019s message to Discovery and Naspers: Get with the bitcoin programme
\nStafford Masie rips government\u2019s draft AI policy<\/p>\n
He is well known as a \u201cbitcoin maximalist\u201d because of his full-throated support for bitcoin as a vehicle for financial and economic transformation.<\/p>\n
The FSCA orders prevent Wheatley, Karan and Tatum Wheatley from providing, or being involved in the provision of, financial products or services; acting as key persons of financial institutions; or providing services to financial institutions.<\/p>\n
In a separate media statement, ABC said neither the company nor ACOF was subject to any FSCA finding, penalty or debarment order.<\/p>\n
ABC\u2019s preferred B shares remained unchanged at R10.89 following the announcement.<\/p>\n
\u201cWe are sympathetic to what Warren, Akshay and Tatum are experiencing. They have played an important role in building an incredible business and establishing a platform with the potential to make a meaningful contribution to South African enterprise and economic growth,\u201d Masie said.<\/p>\n
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\u201cMy responsibility, together with the board and the broader team, is to hold the line: to provide stability, protect what has been built and maintain the momentum of the business while they exercise their legal rights to challenge the FSCA decisions.\u201d<\/p>\n
Masie said the business remained strong and was focused on disciplined execution, governance, regulatory compliance and protecting investor interests.<\/p>\n
ABC responds<\/p>\n
ABC said the alleged event underlying the decisions occurred in September 2022, around the time the company originally listed on the Cape Town Stock Exchange, and nearly four years before the orders were issued.<\/p>\n
The company subsequently transferred its primary listing to the JSE and changed its name from Altvest Capital as part of a strategy to establish a bitcoin treasury operation alongside its SME financing activities.<\/p>\n
ABC chair Norma Sephuma said the board had acted immediately to protect the group\u2019s regulatory position and ensure operational continuity.<\/p>\n
\u201cThe relevant board resignations have taken effect, interim leadership arrangements are in place, and clear responsibilities have been established across the group,\u201d she said.<\/p>\n
#FSCA #debars #Africa #Bitcoin #Corporation #CEO #executives<\/p>\n","protected":false},"excerpt":{"rendered":"
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