The Financial Sector Conduct Authority (FSCA) has temporarily revoked the financial services provider (FSP) license of Mixirite, citing substantial risks to clients and the public should the company continue its operations.
The regulator announced in a press release that this provisional withdrawal is based on preliminary findings from an ongoing investigation into Mixirite’s activities.
Last year, Moneyweb linked Mixirite’s operations—including UMarketPro and Protea Markets, which operated under Mixirite’s FSCA license—to the previous activities of Banxso and AfriMarkets, along with their owner, Harel Sekler.
Read/listen:
Banxso placed in final liquidation
Banxso is currently in liquidation, with AfriMarkets also having its license suspended.
The investigation by Moneyweb revealed that Protea Markets and UMarketPro profited from misleading social media advertisements promising automated monthly returns exceeding R500,000 from a one-time “investment” as low as R4,300.
These platforms claimed legitimacy by referencing their FSCA license.
ADVERTISEMENT
CONTINUE READING BELOW
The FSCA expressed concern over what it described as aggressive and manipulative sales tactics utilized by Mixirite’s agents when engaging with clients.
The regulator also pointed out issues concerning unauthorized individuals giving financial advice, making promises of unrealistic or guaranteed returns, failing to perform adequate suitability and needs assessments, and providing insufficient risk disclosures to clients.
Due to the provisional withdrawal, Mixirite cannot conduct any financial services activities or accept additional funds from clients while the investigation continues.
The regulator emphasized that the withdrawal is provisional and based on initial findings. Mixirite has been given the opportunity to explain why this decision should be reversed or not finalized.
The FSCA noted that the investigation is ongoing and may expand as more information becomes available.
This development follows a Moneyweb investigation released in November 2025, which examined links between Mixirite and two controversial contracts-for-difference (CFD) trading platforms, Banxso and AfriMarkets.
ADVERTISEMENT:
CONTINUE READING BELOW
The investigation revealed that the two CFD trading platforms, UMarketPro and Protea Markets, operated under Mixirite’s FSCA license and seemed to have adopted a business model akin to that of Banxso and AfriMarkets.
Read:
‘AfriMarkets onboards 80 clients daily from fake ads’ – former employee
FSCA warns against agents claiming to help recover lost Banxso funds
The investigation indicated that former employees of Banxso and AfriMarkets claimed that UMarketPro and Protea Markets emerged shortly after news of regulatory scrutiny concerning the two platforms.
Moneyweb further discovered that most of Mixirite’s authorized representatives had previous affiliations with Banxso or AfriMarkets.
The inquiry also revealed various connections between current and former Mixirite directors and individuals linked to Banxso and AfriMarkets, indicating that many authorized representatives transitioned directly from AfriMarkets and, in some instances, from Banxso to Mixirite.
The FSCA has not revealed whether the issues identified in its ongoing investigation into Mixirite are related to the concerns previously raised regarding Banxso and AfriMarkets.
