Three senior executives at Africa Bitcoin Corporation have been placed on immediate precautionary leave after being debarred by the Financial Sector Conduct Authority (FSCA).
The executives affected are group CEO and executive director Warren Wheatley, Chief Investment Officer Akshay Karan and Tatum Wheatley, who heads the company’s investor and media relations.
The FSCA announced the debarments on Tuesday, 1 September 2026. The regulator’s decisions prevent the three individuals from providing or being involved in financial products and services, serving as key persons at financial institutions or providing services to financial institutions.
Africa Bitcoin Corporation disclosed the FSCA decisions in a SENS announcement. However, the regulator had not publicly released its own statement on the matter at the time of the company’s announcement.
The company said the debarment decisions had been communicated confidentially to the affected individuals and had not yet been published by the FSCA.
Importantly, the regulatory action was directed at the three individuals and did not impose any penalties against Africa Bitcoin Corporation itself.
The three executives have indicated that they intend to challenge the FSCA’s findings by applying for reconsideration and seeking the suspension of the regulator’s decisions.
However, the company said no order suspending the debarments had been granted, meaning the FSCA’s decisions remain in effect.
As a result, Africa Bitcoin’s board placed Wheatley and Karan on precautionary leave from their respective CEO and CIO positions, as well as from all executive, management, advisory, operational and decision-making responsibilities.
The company also suspended the services provided by Tatum Wheatley through her consulting business, subject to the terms of the applicable services agreement.
Interim CEO appointed
In response to the developments, Africa Bitcoin appointed existing executive director Stafford Masie as interim CEO.
Masie previously served as the company’s director of bitcoin strategy and has extensive involvement in the cryptocurrency sector. He is also a co-founder of Bitmach, a bitcoin mining company.
Africa Bitcoin stressed that the executive suspensions and appointment of an interim CEO were precautionary measures and should not be interpreted as the board reaching a conclusion on the FSCA’s findings.
The regulatory action was followed by a series of resignations from directorships.
Warren Wheatley resigned as a director of Africa Bitcoin Corporation with effect from 31 August 2026.
On the same date, Akshay Karan and Tatum Wheatley resigned as directors of Altvest Credit Opportunities Fund (ACOF), a subsidiary of Africa Bitcoin Corporation.
Masie will oversee the group’s executive arrangements relating to ACOF on an interim basis, although he will not serve as a director of the subsidiary.
Africa Bitcoin Corporation was established in 2021 under the name Altvest Capital, initially receiving R50 million in capital. The South African financial services group has since expanded into cryptocurrency-related financial services, including the use of bitcoin to reduce international borrowing costs and bitcoin-backed lending.
ACOF provides loans and financial advisory services to small and medium-sized businesses in South Africa.