DA MP’s fintech denies clients were kept in the dark
- Kastelo is being investigated by the South African Reserve Bank for alleged exchange control violations.
- The Reserve Bank claims Kastelo circumvented exchange controls by using clients' allowances to externalize funds.
- Kastelo asserts that all clients were informed through a compulsory video and signed a mandate before trading.
The ongoing investigation into Kastelo raises significant concerns about compliance and ethical practices in the fintech sector, particularly regarding the transparency of client transactions and the potential risks posed to South Africa's financial stability. The case underscores the need for clearer regulations in the rapidly evolving landscape of cryptocurrency and cross-border finance.
