Three Africa Bitcoin Corporation executives have been debarred by the FSCA, and subsequently resigned from the company.
Three high-level executives at Africa Bitcoin Corporation have been placed on immediate leave following their debarment by the Financial Sector Conduct Authority (FSCA).
Africa Bitcoin Corporation is a South African financial services group which commonly uses bitcoin to lower its international borrowing costs and allows cryptocurrency-backed lending.
The company was founded in 2021 as Altvest Capital, with an initial capital injection of R50 million, and currently has a market cap of over R400 million.
The FSCA announced the debarments against executives on Tuesday, 01 September, including the group’s CEO and executive director, Warren Wheatley.
The other positions affected are Chief Investment Officer, Akshay Karan, and Tatum Wheatley, the head of the company’s investor and media relations.
Africa Bitcoin Corporation released a SENS announcement notifying of the FSCA’s decision, but the conduct authority has not yet released its own statement.
“The FSCA decisions include debarment orders that restrict the Individuals from providing or being involved in the provision of financial products or financial services, acting as key persons of financial institutions, or providing services to financial institutions,” the announcement said.
“The FSCA decisions were communicated confidentially to the Individuals and have not, as at the
date of this announcement, been published by the FSCA.”
While the top-level staff were debarred, the FSCA emphasised that its decisions were against the individuals and that no penalties had been imposed on the company.
The three debarred executives told Africa Bitcoin that they intended to dispute the FSCA’s findings and would apply for reconsideration and suspension of the authority’s ruling.
“As at the date of this announcement, no order suspending the operation of the FSCA decisions has been granted. Accordingly, the FSCA decisions remain effective,” Africa Bitcoin said.
The three senior figures have also been suspended from the company immediately due to being debarred.
“As a precautionary measure, the Board has placed Mr Wheatley and Mr Karan on precautionary leave of absence from their CEO and CIO roles respectively, and from all Group executive, management, advisory, operational and decision-making responsibilities,” Africa Bitcoin said.
“Similarly, the services provided by Mrs Wheatley, via her consulting business, have been suspended, subject to the applicable services agreement.”
Following the suspensions, Africa Bitcoin has appointed Stafford Masie, an existing executive director of the company, as interim CEO.
Masie was the company’s director of bitcoin strategy and is heavily involved in the cryptocurrency world, co-founding Bitmach, a bitcoin mining company.
Africa Bitcoin said the suspensions and the appointment of an interim CEO were precautionary measures and should not be seen as a determination by the board regarding the FSCA’s findings.
Following the FSCA’s decision and subsequent suspensions, Warren Wheatley resigned as director of Africa Bitcoin, with effect from 31 August.
Akshay Karan and Tatum Wheatley resigned from their director roles at Altvest Credit Opportunities Fund (ACOF), one of Africa Bitcoin’s subsidiaries, effective as of the same date.
“Mr Wheatley has resigned as a director of Africa Bitcoin Corporation, with effect from 31 August 2026,” the company said.
“Additionally, with effect from 31 August 2026, Mr Wheatley, Mr Karan and Mrs Wheatley have resigned as directors of ACOF.”
Africa Bitcoin said Masie would oversee the group’s executive arrangements relating to ACOF in the interim, but would not serve as the subsidiary’s director.
ACOF provides loan and financial advisory services to small and medium-sized businesses in South Africa, similar to its parent company.
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