Warren Wheatley, the founder and CEO of Africa Bitcoin Corporation, together with two other executives, has been suspended from the company following an FSCA decision against them.
Africa Bitcoin Corporation’s board of directors notified shareholders of the development in a notice published to the JSE News Service after market close on Tuesday.
It said the Financial Sector Conduct Authority (FSCA) had issued decisions, including debarment orders, affecting three individuals:
“The FSCA decisions include debarment orders that restrict the individuals from providing or being involved in the provision of financial products or financial services,” the board said.
“They are also prohibited from acting as key persons of financial institutions, or providing services to financial institutions.”
Africa Bitcoin Corporation is a South African investment and financial services business which has grafted a MicroStrategy-style Bitcoin treasury onto an SME private credit operation.
Its original proposition was to make private-market investments accessible to retail investors by putting securities linked to individual investments onto a public exchange.
Warren Wheatley founded the company as Altvest Capital, which was incorporated in Johannesburg on 21 April 2021.
It was listed on the Cape Town Stock Exchange in May 2022, added A2X in September 2022, and then transferred its primary listing to the JSE AltX on 14 October 2024.
Its investments included Umganu Lodge, the Bambanani Family restaurant business, and the Altvest Credit Opportunities Fund (ACOF).
ACOF is a wholly owned subsidiary and the investee company that manages the group’s Bitcoin investments and exposure.
Historically, different preference-share classes gave investors economic exposure to these different underlying assets: A to Umganu, B to Bambanani, and C to ACOF.
Altvest bought its first Bitcoin in February 2025, making it the first publicly listed African company to adopt a Bitcoin treasury strategy.
In September 2025, shareholders approved changing the company’s name to Africa Bitcoin Corporation. Trading under the new BAC ticker began on 23 September 2025.
Warren Wheatley at PubKey in New York
Africa Bitcoin Corporation emphasised that the FSCA decisions were not issued against any entity within the company.
There were also no findings, administrative penalties, or debarment orders imposed on any entities within the group. The debarment orders applied only to the individuals.
The board said it was informed about the FSCA decisions on 30 August 2026. It explained that the decisions were communicated confidentially to the three and had not yet been published by the FSCA.
“The individuals have informed the company that they dispute the findings of the FSCA,” Africa Bitcoin Corporation’s board said.
“They will be applying to the Financial Services Tribunal for reconsideration and suspension of the FSCA decisions.”
However, since no order suspending the operation of the FSCA decisions has been granted yet, its decisions remain effective.
“Given the nature of the group’s activities and the roles held by the Individuals, the FSCA decisions have immediate implications,” the board stated.
As a precaution, the board placed Warren Wheatley and Akshay Karan on precautionary leave from all executive, management, advisory, operational, and decision-making responsibilities.
Similarly, the services provided by Tatum Wheatley through her consulting business have been suspended, subject to the applicable services agreement.
“These measures took effect on 31 August 2026 for an initial period of one month, subject to board review,” the company said.
“During the period, the individuals will exercise no authority on behalf of, or represent, the company or the group.”
Stafford Masie, former Altvest Capital chairman and Africa Bitcoin Corporation executive director
With effect from 31 August 2026, Stafford Masie, an existing executive director of the company and director of Bitcoin strategy, assumed the role of Interim CEO.
Masie will oversee the group’s executive arrangements relating to Altvest Credit Opportunities Fund Limited (ACOF), without serving as a director of ACOF.
Wheatley has also resigned as a director of Africa Bitcoin Corporation, with effect from 31 August 2026.
Additionally, with effect from 31 August 2026, Karan, Warren Wheatley, and Tatum Wheatley have resigned as directors of ACOF.
“These measures are precautionary and non-disciplinary, without prejudice to applicable rights and remedies,” the company said.
“They do not constitute a determination by the Board regarding the merits of the FSCA findings or the Individuals’ challenges to the FSCA decisions.”
Altvest Capital listing on the JSE AltX Tatum Wheatley and Warren Wheatley in PubKey Tatum Wheatley and Warren Wheatley Stafford Masie and Warren Wheatley in PubKey
