Crypto scammers ?

Since you mentioned in the other thread,dug a bit

Neither of the brothers CEO & COO seem to have much history of anything,CEO is like 20 years old,his CV is basically "I had x many distinctions in Matric"
The COO reportedly was with RaeCreate Wealth for 6 years (can only find incorporation 2 years ago In Hong Kong? with nothing on CIPC,though the domain was registered to a Durban address)

CIPC registration for Africrypt says the company is just over a year old,and 3 months late filing their returns with the CIPC

Based on their site they hold 100 mil USD in assets which would be damn impressive for a 1 year old company with little to no other creds anywhere,and which would mean they're clocking $100 000 a month in management fees but they haven't filed a return (which would need auditing likely)

The domain for RaeCreate seems to have been renamed/reused for Africrypt at some point

Lastly the backend registration/recovery seems to be broken so can't comment on that portion

3 ratings on Google,all 3 by the CEO

Personal verdict: Not confirmed dodgy,but far from where i'd want to put my money personally
 
There's no performance info,costing or anything else either listed. Seems like a fairly basic cookie-cutter site
 
It’s this dynamic and innovative trading system that has fuelled Africrypt’s astronomical growth from a one-man operation running out of a bedroom to one of Africa’s largest and most successful AI trading companies in only a few years
Click to expand...
Very bold claims

The International office address is listed as Hong Kong (much like RaeCreate's incorporation)

Also no FSCA(FSP) registration so they aren't allowed to provide financial services
 
appreciate the info - thanks

PsyWulf said:
Very bold claims

The International office address is listed as Hong Kong (much like RaeCreate's incorporation)

Also no FSCA(FSP) registration so they aren't allowed to provide financial services
Click to expand...
 
Doesnt require a brain surgeon to know these okes are suspect .... Seems that 99% of anything Crypto or forex is a load of nonsense.
 
ubercal said:
Doesnt require a brain surgeon to know these okes are suspect .... Seems that 99% of anything Crypto or forex is a load of nonsense.
Click to expand...

Yep, scammers now just use crypto since it's not really easy to understand (I have to admit having issues understanding it myself) and thus they can get away with a lot of BS.
 
PsyWulf said:
Very bold claims

The International office address is listed as Hong Kong (much like RaeCreate's incorporation)

Also no FSCA(FSP) registration so they aren't allowed to provide financial services
Click to expand...
Thank you for the constructive criticism ,
Africrypt does not deal with financial products as defined under FAIS. As such, Africrypt is not registered as a financial services provider under FAIS. However we are welcoming to the upcoming regulation from the FSCA and will be following the process in order to be fully compliant with local regulations!
 
raees_cajee said:
Thank you for the constructive criticism ,
Africrypt does not deal with financial products as defined under FAIS. As such, Africrypt is not registered as a financial services provider under FAIS. However we are welcoming to the upcoming regulation from the FSCA and will be following the process in order to be fully compliant with local regulations!
Click to expand...
@raees_cajee how do you manage $100m but not registered. Are you a key person. Hmmmm...
 
Do you have FSB licence for managing other people’s money ?
 
raees_cajee said:
Thank you for the constructive criticism ,
Africrypt does not deal with financial products as defined under FAIS. As such, Africrypt is not registered as a financial services provider under FAIS. However we are welcoming to the upcoming regulation from the FSCA and will be following the process in order to be fully compliant with local regulations!
Click to expand...
1607968015157.png

This discussion has been had previously. You are managing something of value for people to give them something of value in return. That's a financial instrument aka asset

1607968116157.png
Payment gateways require some form of currency exchange,again

1607968159623.png
Financial advice?

1607968181485.png
Collective investment?
 
Finsyco said:
@raees_cajee how do you manage $100m but not registered. Are you a key person. Hmmmm...
Click to expand...
Hi Finsyco

Africrypt operates internationally , mainly in the institutional investment space. As mentioned we are not currently regulated locally under FAIS , hence we do not have a KI of such.
 
Then there's the issues with Audited financials,not seeing any returns on the CIPC,even though you are registered locally
And being registered locally,and having South African clients means you must comply with South African regulation


Also you need to have fact sheets with costs,fees,and returns yearly and publicly available
 
Do you have some descriptions of the investment options you offer, and audited historical results?
 
raees_cajee said:
Hi Finsyco

Africrypt operates internationally , mainly in the institutional investment space. As mentioned we are not currently regulated locally under FAIS , hence we do not have a KI of such.
Click to expand...
But you’re South African. Taking local money. You don’t seem to be highly knowledgeable about some of these simple requirements.
 
Finsyco said:
But you’re South African. Taking local money. You don’t seem to be highly knowledgeable about some of these simple requirements.
Click to expand...
I think you’ve misunderstood my statement , from our total AUM ( assets under management ) our South African client base and funds under management locally is extremely minimal at this point due to the lack of regulation. Being a South African citizen has nothing to do with it. I am quite familiar with the requirements locally , you must understand that it’s extremely difficult to operate without regulation that clearly defines and outlines cryptocurrency. The FSCA and the rest of our regulatory bodies have dragged their feet in drafting legislation and it’s killing innovation within the space.
 
raees_cajee said:
I think you’ve misunderstood my statement , from our total AUM ( assets under management ) our South African client base and funds under management locally is extremely minimal at this point due to the lack of regulation. Being a South African citizen has nothing to do with it. I am quite familiar with the requirements locally , you must understand that it’s extremely difficult to operate without regulation that clearly defines and outlines cryptocurrency. The FSCA and the rest of our regulatory bodies have dragged their feet in drafting legislation and it’s killing innovation within the space.
Click to expand...
So your South African business,liable to be taxed in South Africa,with South African clients does not have to adhere to basic regulations?
We're not talking the promulgation of an official asset class

Then there's the issues with Audited financials,not seeing any returns on the CIPC,even though you are registered locally
Also you need to have fact sheets with costs,fees,and returns yearly and publicly available
CIPC registration for Africrypt says the company is just over a year old,and 3 months late filing their returns with the CIPC
Based on their site they hold 100 mil USD in assets which would be damn impressive for a 1 year old company with little to no other creds anywhere,and which would mean they're clocking $100 000 a month in management fees but they haven't filed a return (which would need auditing likely)
Click to expand...
 
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