FSCA Suspends Mixirite’s License Temporarily Over Sales Practice Concerns

The Financial Sector Conduct Authority (FSCA) has temporarily revoked the financial services provider (FSP) licence of Mixirite due to substantial risks to clients and the public if the company continues to operate.

The regulator shared in a press release that this provisional withdrawal stems from initial findings in an ongoing investigation into Mixirite’s operations.

Last year, Moneyweb linked Mixirite’s operations—including UMarketPro and Protea Markets, which operated under Mixirite’s FSCA licence—to the earlier activities of Banxso and AfriMarkets, along with their owner, Harel Sekler.

Read/listen:

Banxso placed in final liquidation

Banxso is currently in liquidation, and AfriMarkets has also had its licence suspended.

Moneyweb’s investigation indicated that Protea Markets and UMarketPro benefitted from misleading social media ads promising automated monthly returns exceeding R500 000 from a one-time “investment” as low as R4 300.

These platforms claimed legitimacy by referencing their FSCA licence.

The FSCA voiced concerns regarding what it described as aggressive and manipulative sales tactics used by Mixirite’s agents in client interactions.

The regulator also pointed out issues with unauthorized individuals offering financial advice, making promises of unrealistic or guaranteed returns, neglecting proper suitability and needs assessments, and failing to provide adequate risk disclosures to clients.

As a result of the provisional withdrawal, Mixirite is barred from conducting any financial services activities or accepting additional funds from clients while the investigation unfolds.

The regulator stressed that this withdrawal is provisional and based on initial findings. Mixirite has been given the opportunity to argue why the decision should be reversed or not finalized.

The FSCA mentioned that the investigation is ongoing and could broaden as more details emerge.

This development comes after a Moneyweb investigation released in November 2025, which examined the ties between Mixirite and two controversial contracts-for-difference (CFD) trading platforms, Banxso and AfriMarkets.

The inquiry revealed that the two CFD trading platforms, UMarketPro and Protea Markets, operated under Mixirite’s FSCA licence and seemed to have adopted a business model akin to that of Banxso and AfriMarkets.

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The investigation suggested that ex-employees of Banxso and AfriMarkets stated that UMarketPro and Protea Markets emerged shortly after news of regulatory scrutiny regarding the two platforms.

Moneyweb also found that the majority of Mixirite’s authorized representatives had formerly been affiliated with Banxso and/or AfriMarkets.

The inquiry also unveiled various connections between current and past Mixirite directors and individuals associated with Banxso and AfriMarkets, showing that many authorized representatives transitioned directly from AfriMarkets, and in some cases from Banxso, to Mixirite.

The FSCA has not revealed whether the issues identified in its ongoing investigation into Mixirite connect to the concerns previously raised regarding Banxso and AfriMarkets.