Scams are driving South African authorities to regulate crypto trading

South African regulators are seeking to exercise more control over cryptocurrency trading following the collapse of what was alleged to be the largest Ponzi scheme the country has ever seen.

Self-proclaimed (BTC) trading firm Mirror Trading International was placed in provisional liquidation in December, as investors tried and failed to withdraw their funds. The firm claimed to have attracted over 260,000 memberships worldwide, handling a reported 23,000 Bitcoin — a sum now worth in the region of $716 million.