Amabhungane Scam Empire Part 2: Behind The Veil

What we have dubbed 'Scam Empire' is a multinational syndicate operating some 79 seemingly fraudulent online trading platforms across the world, including in South Africa.

The 'SA division' has been rapidly expanding, with at least seven 'brands' launched since 2023, including at least three since November and one as recently as January this year.

These make up the bulk of the 'regulated' branch of Scam Empire platforms operated by real companies sporting real financial service provider FSP licences which sets them slightly apart from the rest of the network.

The vast majority of trading platforms under the Scam Empire umbrella are unregulated and often have no actual legal entity underpinning them.

Despite their 'legal' status, these local companies are doing massive real damage to the lives of thousands of would-be 'traders'.