According to South Africa’s Office of the FAIS Ombud, an independent dispute resolution office, individuals with crypto-related grievances that occurred after Oct. 19, 2022, can now formally submit such complaints on the agency’s website. However, the Office of the FAIS Ombud insisted that all complaints that occurred before crypto assets were designated financial products will not be considered and should not be resubmitted.
Code of Conduct for Crypto Asset Service Providers
The South African government agency charged with investigating and resolving complaints in terms of the Financial Advisory and Intermediary Services (FAIS) Act recently said it can now “investigate complaints against existing registered financial service providers who offer advice on cryptocurrency.” According to the agency, which is known as the Office of the FAIS Ombud, the recent designation of crypto assets as financial products has made this possible.
In a news article published on its website, the dispute resolution agency said crypto-related complaints can only be filed against registered financial service providers (FSP) who must adhere to the country’s General Code of Conduct for authorized FSPs. This code requires “material disclosures, conducting a needs analysis and recommending a product that is appropriate to one’s needs and circumstances.”
Only Three Complaints Filed
However, according to the remarks by the agency’s Thuso Ngwagwe published by Moneyweb, all complaints lodged with the Office of the FAIS Ombud prior to the Financial Sector Conduct Authority’s crypto asset designation will not be considered. In the report, Ngwagwe reiterated the agency’s assertion that it lacks jurisdiction.
“All complaints received prior to 19 October 2022 in respect of investments made into cryptocurrency were dismissed by this Office as we did not have jurisdiction to entertain these matters,” Ngwagwe reportedly said.
According to Ngwagwe, the Office of the FAIS Ombud received a total of eight cryptocurrency-related complaints during the 2022/23 financial year. However, only “three occurred after 19 October 2022 and will [therefore] be considered.” The rest of the complaints will not be considered and cannot be resubmitted, Ngwagwe added.
For individuals with complaints that fall within its jurisdiction, the Office of the FAIS Ombud advised visiting its portal and making a formal complaint.
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Source: Regulation Archives – Bitcoin News
Breaking News: Yuga Labs Founder Steps Down for Health Reasons
NFT Entrepreneur and Yuga Labs founder Wylie Aronow, creator of Bored Ape Yacht Club and CryptoPunks, Takes Time Off for Health.
NFT Entrepreneur and Yuga Labs founder Wylie Aronow, creator of Bored Ape Yacht Club and CryptoPunks, Takes Time Off for Health after CHF Diagnosis.
Yuga Labs Founder Steps Down
Wylie Aronow, one of the co-founders of Yuga Labs, recently announced that he will be taking a leave of absence from the company due to health reasons. In a tweet, he shared that he had been diagnosed with congestive heart failure. Aronow, who is also known by his pseudonym Gordon Goner, stated that the symptoms started last year and that he had delayed seeking medical attention so he could continue working. However, after undergoing testing, his doctor advised him to make significant changes to his lifestyle.
Aronow announced his departure from his role at Yuga Labs to focus on his health. In a statement, he stated that he would be taking a leave of absence to prioritize his well-being. Although he will no longer have a full-time position at the company, Aronow will continue to serve as a Board Member and Strategic Advisor, though the extent of his involvement in these capacities was not specified.
In a tweet, Aronow explained his departure. He stated that his chronic illness consumed most of his twenties and that he overexerted himself at Yuga Labs, working 12 hours daily. He regrets not finding balance, despite advice from those around him. Aronow’s priority now is to seek medical treatment and focus on healing.
Yuga Labs, with Aronow, gained recognition in early 2021. Aronow and co-founders Greg Solano (Gargamel), Zeshan (Sass), and Kerem (Tomato Ketchup) launched the Bored Ape Yacht Club (BAYC) NFT collection on April 23, 2021. The collection became a massive success. Although the NFTs were initially priced at .08 ETH per ape (around $190), they soon sold for over $100,000 on secondary markets.
Wylie remains a board member and advisor at Yuga Labs. In a Twitter thread, he expressed his confidence in Yuga’s future and the leadership of @cryptogarga. The addition of Daniel Alegre, soon-to-be former President and COO of Activision, further strengthens his positive outlook. Wylie also has a bright future ahead for his brand.