- FSCA fines Kabelo Emanuel Mogale over 1 million rand and debarred him for ten years for unlicensed forex signals.
- South Africa’s FSCA clarifies that providing trading signals without a financial services license is a criminal offense under the FAIS Act.
South Africa’s Financial Sector Conduct Authority (FSCA) has taken decisive action against Kabelo Emanuel Mogale, imposing a penalty of over 1 million rand (approximately $57,000) and debarring him for ten years for providing unlicensed forex trading signals.
This marks the first administrative action of its kind in South Africa, where signal providers are now required to hold a financial services license under the FAIS Act.
Mogale, who provided signals via Telegram through “Forex Private Jet Injectors,” violated regulations by recommending forex currency trades without proper authorization.
The FSCA warns traders to avoid unlicensed signal providers, emphasizing that offering trading signals is a regulated financial service.
