FSCA apologises to Ovex, says company does not require a financial services licence

The Financial Sector Conduct Authority (FSCA) has closed its investigation into Ovex (Pty) Ltd, conceding in a statement issued on Friday morning that the company does not require a financial services licence currently.

This after the financial watchdog, which is grappling with how to regulate the cryptocurrency sector, found itself with egg on its face after having to withdraw a statement issued on Thursday related to Cape Town-based Ovex.

Read: [UPDATE] FSCA issues and withdraws warning on Ovex crypto exchange

In its latest brief statement on the matter, the FSCA says while it has previously warned the public that Ovex Pty Ltd does not have a financial services licence, it has now received the necessary information in order to finalise its preliminary investigation.

“Based on the information provided by Ovex we are satisfied that Ovex does not currently require a licence from the FSCA, as its business activities fall outside the current jurisdiction of the FSCA,” the financial regulator adds.

The FSCA reiterated that its previous media release has been retracted.

“The investigation is closed and we apologise for any inconvenience caused as a result of the warning,” its latest statement notes.