Africa Bitcoin Corporation FSCA Penalties: R10m and 20-Year Debarments
South Africa’s Financial Sector Conduct Authority (FSCA) has imposed penalties totalling R10 million and 20-year debarments on three senior figures linked to Africa Bitcoin Corporation (ABC).
The Africa Bitcoin Corporation FSCA penalties relate to share trading that took place in September 2022, when the company operated as Altvest Capital and was listed on the Cape Town Stock Exchange.
FSCA Finds Coordinated Trading in Altvest Shares
The FSCA said its investigation found that former CEO Warren Wheatley, Tatum Keshwar-Wheatley and chief investment officer Akshay Karan acted together when trading Altvest shares between 5 and 8 September 2022.
According to the regulator, the coordinated trades created an artificially inflated share price and/or a false or deceptive appearance of demand, supply or trading activity in the shares.
The FSCA said the conduct breached South Africa’s Financial Markets Act.
R10 Million in Penalties and 20-Year Debarments
The penalties announced by the regulator include:
R5 million jointly and severally against Warren Wheatley and WGW Capital
R3 million jointly and severally against Tatum Keshwar-Wheatley and Tatum Keshwar Investments
R2 million against Akshay Karan
In addition, all three individuals were debarred for 20 years. The debarments restrict them from providing certain financial services or holding key positions within financial institutions during that period.
Africa Bitcoin Corporation Announces Leadership Changes
Africa Bitcoin Corporation informed shareholders about the FSCA decisions on 1 September 2026.
The company said the regulatory decisions were directed at the individuals and not against ABC or other entities within the group.
ABC also announced governance changes following the decisions. Warren Wheatley resigned from the company’s board, while Stafford Masie was appointed interim CEO. The affected individuals were also removed from operational and decision-making responsibilities within the group.
Executives Dispute FSCA Findings
The matter may not be concluded yet.
The three individuals have informed Africa Bitcoin Corporation that they dispute the FSCA’s findings. They intend to approach the Financial Services Tribunal to seek reconsideration and suspension of the regulator’s decisions.
For now, the FSCA decisions remain a significant regulatory development for Africa Bitcoin Corporation as the company continues its transition from Altvest into a Bitcoin-focused treasury business.