FSCA provisionally withdraws Mixirite’s licence amid concerns over sales practices

The Financial Sector Conduct Authority (FSCA) has provisionally withdrawn the financial services provider (FSP) licence of Mixirite, citing a real risk of harm to clients and the general public if the company is allowed to continue operating.

The regulator said in a press release that the provisional withdrawal follows 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 licence – to the former operations of Banxso and AfriMarkets, as well as to their owner, Harel Sekler.

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Banxso is currently in liquidation, while AfriMarkets’ licence has also been suspended.

Moneyweb’s investigation found that Protea Markets and UMarketPro benefited from fraudulent social media ads promising automated monthly returns of more than R500 000 from a one-off “investment” of as little as R4 300.

These platforms claimed legitimacy by citing their FSCA licence.

The FSCA said it is concerned about what it described as aggressive, manipulative and high-pressure sales techniques used by Mixirite’s agents when dealing with clients.

It also raised concerns about the provision of financial advice by individuals who are not authorised representatives, promises of unrealistic or guaranteed returns, failures to conduct appropriate suitability and needs analyses, and inadequate risk disclosures to clients.

As a result of the provisional withdrawal, Mixirite may no longer conduct financial services business or receive additional funds from clients while the investigation continues.

The regulator stressed that the withdrawal is provisional and based on preliminary findings. Mixirite has been given an opportunity to explain why the decision should be lifted or not made final.

The FSCA said the investigation remains ongoing and could be expanded as further information emerges.

The development follows a Moneyweb investigation published in November 2025, which examined links between Mixirite and two controversial contracts-for-difference (CFD) trading platforms, Banxso and AfriMarkets.

The investigation found that two CFD trading platforms, UMarketPro and Protea Markets, were operating under Mixirite’s FSCA licence and appeared to have adopted a business model similar to that used by Banxso and AfriMarkets.

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According to the investigation, former employees of Banxso and AfriMarkets alleged that UMarketPro and Protea Markets emerged shortly after reports surfaced that the two platforms were attracting regulatory scrutiny.

Moneyweb also found that the vast majority of Mixirite’s authorised representatives had previously worked for Banxso and/or AfriMarkets.

The investigation further identified several links between current and former Mixirite directors and individuals associated with Banxso and AfriMarkets. It also found that dozens of authorised representatives had moved directly from AfriMarkets, and in some cases from Banxso, to Mixirite.

The FSCA has not disclosed whether the issues identified in its ongoing investigation into Mixirite are linked to the concerns previously raised about Banxso and AfriMarkets.