The South Africa Reserve Bank and SARS froze bank account of a 19 year old forex trader with R21 million in it
What does this mean for South African traders?
The young trader who’s name is known to this publication is embroiled in a battle with the South African banking regulatory body The Reserve Bank of South Africa (SARB) over $1 million dollar forex withdrawal which caught the attention of the prudential authority.
“Me and my friends started trading in 2017 , and our target was to reach $1 million USD, we made withdrawal here and there for personal use but our biggest withdrawal was R14 000 000.00” said young trader who can’t be named for safety reasons.
Evidence seen by FX Magazine proves the youngstar had $1,014,889.56 USD in trading account as of March 2019. “Total amount we made was R21 million in rand since 2017, after making our last withdrawal to Nedbank account which was R14 million in rand i got alert from the bank that my account has been frozen following instructions from SARB and SARS, we have provided proof of the money without any luck of getting back our money which including other funds in the account about R3.2m before the 1 000 000. 00 USD withdrawal ” he said.
The unemployment rate in South Africa rose to 27.6 percent in the first quarter of 2019 from 27.1 percent in the previous period. It is the highest jobless rate since Q3 2017.
As hope of employment amongst the youth deteriorates with 6.20 million remains unemployed, thousands of youth seek refuge in the hands of digital entrepreneurship businesses such as Forex, Crypto Currencies and Multi Level to survive.
“This is just a clear attack on millions of unemployed black youth of South Africa who now resort to forex trading to make end meet. This government is not happy we making a living on our own” said one social media user.
The South African Reserve Bank has not responded to an email sent to them seeking clarity and regulative framework that traders should follow when making forex disinvestment at the time of going to press.
This is literally bullshit… The gorv is now against us when we try to make living.
Education has failed us and gorv knows that I have several qualifications but I’m still struggling to get job.
Now that we traders have find ways to make living to keep us from the street he’s against that.
I think the old people in the parliament must stop being greedy. They’re all old age the majority of organization there’s above 60 what is that those people who are sitting there are even struggling to use smartphone.
Ayi this gorv is not fair not fair at all. We still going to trade and they will give us our money… If tht is difficult we as traders need to gather and raise the funds to fuck government up
Forex trader
Sabelo
U muat be kidding , right… I mean what crime is there…whats to investigate… So this is where mzansi ppl voted for… Oppression.. Why would you freeze his account out off what he maked… He’s an inspiration to most i mean all unemployment youth across the globe, but hei, my government see this as a virus some how… Typically, government we have… I Wonder though who called that shot, i mean thata button, who pressed it… The button to freeze his account, I have to stop sayin the government did this. There must be a lazy group of perrasite to this point im raisin… This is hopeless for unemployment who are makin and dreaming to havin million… Basically you are next with these goes like this… Oh, well.. Let me call it straight, ITS GOING TO BE WAR, SINCE CRIME escalaTE,..
what they are doing to this young boy is wrong. Forex is legal not only in South Africa but worldwide!!! I’m also a 21 year old trader who has more than a million in my account and I’m threatened by this. Just because we chose to avoid the nonsense system of working for white people and invested in our self doesn’t make us illegal. We are not scared to risk and go against the system so we can be millionaires!!! I’m not going to say much but they should do whatever petty investigation they want to do and give that boy his money, period.
Hey man. Can u tell me your instagram?
Im struggling in forex man.
I just what to know what broker was he using???
What hell is going on in South Africa ,hey I remember Mr president spoken about forex last year but now they’re freezing his account thinking is illegal money!! Come on government leave young people those who do not believe in educationally system because they’ve found a refugees in forex country. Give that young boy his money, it’s not donation money from outside the country it’s his money do you hear me…don’t make some of us to be angry u might loose everything you have I mean everything. ..this is Africa baba, I wanna hear him receiving his money
My guy we all in the fight they must not underestimate us like thatt we going to fight them until they understand that we self employed by force and they must give the poor boy his money he worked hard for the money even our president said we must take advantage of the system due to high rate of unemployment so please we begging u stop what u doing it is not ryt because the system is legal leave us alone n let us make money if you want us to pay tax we will but please dont just take our money like that we not foolss and we not playing ther we working hard for it
This is real bullshit, now that we have found new ways to make multimillions via Forex, Binary, Cryptocurrencies and Multi Level Marketing, now we must feel scared because of our own government, the very same government that has been up in arms recently pestering us for our votes” and after voting for them this is the thanks we get” … They’re really bad people. As Donald Trump complained about African leaders asking if they’re human beings or animals by treating their own citizens unfairly, I have now came to realise he was actually right all along. Sies!!! Africa will never progress, never ever!!! What a shame!!!
There is definitely no reason behind they action, the only thing they are doing is stopping the Young guy to make more money,we are being limited to making money. If we dont stand up and ask to be given reasons for this account being blocked then we will forever be limited to doing many things at a young age, the young guy has provided evidence of where the if from.
This is totally bullshit fuck the system .
He should sue the bank. It is the young boy’s constitutional right to engage in any investments so long as the investment is not a crime. As far as i know there are laws on forex trading in S.A and thats is why there are registered and regulated forex brokers there like FXCM and Hot Forex so the central bank there knows what forex trading is unless they went to bush school and are not qualified to hold a position of monetary control in the highest bank in the land. Just advice the young man to sue the Central bank and the commercial bank thats confiscated his money. The only reason they could be holding on to the boy’s account is if the money was solicited client money that he is claiming to be his own funds. Lets wait and see
Yeyy we will stop trading because you freeze our accounts and we’ll most def tolerate the way in which this bank settled this matter.This makes me angry because it clear that our own country does not believe in its people so why should we support any political affairs in this country anyways. This kid should be given his money back in full he deserves it because we as traders know the sacrifice we put in our success as traders!!!!!!!
Discrimination will never end in south africa there is no peace at all