Africa Bitcoin CEO Warren Wheatley speaks out after resignation

Warren Wheatley, the CEO and co-founder of Africa Bitcoin Corporation, has stepped down from his positions following the Financial Sector Conduct Authority (FSCA) deeming him barred and imposing a R5 million administrative penalty. The company announced on Tuesday that Wheatley resigned as both CEO and employee, effective September 21, with the board accepting his resignation. Stafford Masie will serve as interim CEO during the company's search for a permanent replacement.

In an open letter, Wheatley stated his decision to resign was voluntary, aiming to prioritize the company, its employees, and shareholders over his personal interests while challenging the FSCA's decision. The FSCA action stems from orders and trades in Altvest shares in September 2022. Wheatley claims he was testing a stockbroker trading platform with known issues during the trades, which involved 50 shares worth R301. He emphasized the disparity between the fine and the insignificant amount in question.

The FSCA had previously found Wheatley and two other executives guilty of engaging in conduct that led to an artificially inflated share price and/or a false appearance of demand, supply, or trading activity. The regulator imposed a R5 million penalty and a 20-year bar on Wheatley. Wheatley disputes these findings and maintains his resignation is without admitting wrongdoing and without relinquishing his rights before the Financial Services Tribunal.

Wheatley mentioned his role had been effectively inactive since the FSCA decision reached the company in late August, and the company could not wait for the tribunal process to conclude. He clarified that the company, its staff, shareholders, investors in funds, and SME clients and their employees would benefit more from active leadership than his continued presence.

Wheatley, co-founder with his wife, intends to persist with his petitions before the tribunal and supports the board in appointing a new CEO. Africa Bitcoin Corporation, formerly known as Altvest Capital, mentioned that Wheatley's reconsideration application and related Financial Services Tribunal proceedings remain personal matters for him, continuing independently of the company.