The Financial Sector Conduct Authority (FSCA) warns the public to exercise caution when conducting financial services business with entities operating under the names RNK and NTT Team also known as RNKEX and NT (the Entities).
The FSCA received information that the Entities are conducting unauthorised financial services business via media platforms, WhatsApp and Tik Tok, to solicit investments from members of the public for the purpose of trading in cryptocurrency. In terms of the information received, the Entities failed to pay clients their returns and capital.
While the FSCA does not comment on the specific business model or services offered by the Entities, the FSCA notes that neither of the Entities are authorised in terms of any financial sector law to provide financial services to the public. Attempts by the FSCA to contact the Entities were unsuccessful.