Dear Valued Banxso Clients,

We understand that recent media reports and the provisional actions taken by the Financial Sector Conduct Authority (FSCA) have raised concerns. We want to assure you that your interests remain our utmost priority, and we are committed to providing transparent and accurate information.

Regarding the Preservation Order and Funds Access:

While the Western Cape High Court has uplifted the preservation order against Banxso’s accounts, certain banking institutions continue to impose temporary restrictions pending final regulatory authorisations. We acknowledge the inconvenience this causes and are actively engaged with the relevant authorities to expedite the release of funds. These restrictions are procedural, not indicative of any substantive issues.

Legal Proceedings:

The liquidation proceedings have been postponed to May 5, 2025, for a hearing. We will continue to provide updates as this process progresses. Please note that no court rulings have been issued at this time.

FSCA Provisional Notice of Withdrawal and Trading Activity:

As a result of the FSCA’s provisional Notice of Withdrawal, Banxso is currently unable to accept new business. However, recognising that many clients maintain open positions, we have continued to accept deposits specifically to supplement these existing positions and mitigate potential downside risks from market volatility. This decision has been communicated and discussed extensively with the FSCA.

It is crucial to understand that any deposits made after October 15, 2024, were solely to support existing open positions. Any perceived trading activity beyond these positions is a result of the Metatrader platform’s automatic pricing feed and simulated trading environment. Due to the license withdrawal, Banxso is unable to execute transactions with liquidity providers.

Client Fund Segregation and Open Position Management:

All deposits made during this period remain segregated and will be available for withdrawal in due course. Allowing clients to maintain their open positions prevents forced liquidations of their trades, which could result in significant financial losses due to missed profit targets or premature stop-losses. This approach aims to protect your potential for profit recovery.

Important Security Notice

Please remain vigilant regarding individuals posing as “recovery agents” who may attempt to extract sensitive information from you. Banxso does not engage or rely on any third parties to facilitate external services. For your safety, always request that the representative reads back your secure verification number before proceeding with any communication. If you have any concerns or require assistance, please contact our customer support team via the live chat feature on our website or email us directly at [email protected].

Contact Information:

For queries regarding the FSCA investigation, please contact us at: [email protected]

For queries related to transactional delays, please contact us at: [email protected]

Banxso categorically denies any allegations of financial misappropriation, data breaches, maladministration of client accounts, or involvement in “deepfake advertisements.” We are dedicated to presenting the facts to the relevant authorities to achieve a positive resolution.

We will continue to provide updates via our website to ensure transparency.

We sincerely apologise for any inconvenience caused and appreciate your understanding during this time.

Sincerely,

The Banxso Team