Africa Bitcoin Corp cofounder Warren Wheatley says he was fined R5 million and debarred over test trades valued at R301, according to Moneyweb. The penalty concerned 50 shares, MyBroadband reports. Wheatley has since resigned as head of the company, news24.com reported.
Wheatley has spoken publicly about the matter following his resignation, IOL reported. Moonstone Information Refinery reported that the company's chief executive stepped down after the debarment, which it linked to trades in Altvest shares.
The reports frame the penalty as arising from a small transaction relative to the size of the fine. The coverage does not detail the regulatory process behind the debarment or the terms of the penalty beyond the amounts cited.
Africa Bitcoin Corp has not commented in the material reviewed. The reports do not state who now leads the company or whether Wheatley plans to challenge the debarment.
What to watch next: whether Wheatley contests the debarment or the fine, and who Africa Bitcoin Corp names to replace him.
