I was fined R5m and debarred over R301 in test trades, says Wheatley
Former Africa Bitcoin CEO says he plans to ask for reconsideration of the FSCA ruling without admitting wrongdoing.
Warren Wheatley, former CEO of Africa Bitcoin Corporation (ABC), has resigned following a severe penalty and debarment from the Financial Sector Conduct Authority (FSCA). The FSCA fined Wheatley R5 million and barred him for 20 years over a series of test trades conducted in Altvest shares, the company's previous name. These trades, totaling R301, were executed in 2022 when Wheatley was testing a stockbroker trading platform that had been malfunctioning.
Wheatley claims the penalty is disproportionate and has asked the Financial Services Tribunal to reconsider the FSCA's decision while waiving the sanctions. His resignation, a voluntary action, is aimed at ensuring active leadership within the company, which he built with his team despite challenging circumstances, including the pandemic.
The FSCA has not imposed any penalties on ABC itself or its subsidiaries, nor has it sanctioned the company's other executives.
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