Africa Bitcoin Corporation (ABC) said its CEO Warren Wheatley resigned with effect from September 21, 2026. Stafford Masie will continue to serve as interim CEO while the board progresses with permanent leadership arrangements.
The company said, in response to questions from The National, that Wheatley’s reconsideration application and related proceedings before the Financial Services Tribunal remain personal to him and will continue independently.
The Financial Sector Conduct Authority (FSCA) debarred Wheatley, along with two other executives, at the end of August. The other two were co-founder Tatum Keshwar-Wheatley, Wheatley’s wife, and Akshay Karan, the company’s chief investment officer and head of media and investor relations.
“In relation to the other individuals previously referred to in the company’s 1 September 2026 announcement, the arrangements previously communicated by the company therefore remain in place,” Masie said.
The FSCA debarment orders restrict the individuals from providing or being involved in the provision of financial products or financial services, acting as key persons of financial institutions, or providing services to financial institutions.
No FSCA finding, administrative penalty or debarment order was imposed on the company or its subsidiaries. Wheatley and Karan were placed on precautionary leave of absence from their executive positions and all group responsibilities from 31 August.
The services provided by Tatum Wheatley through her consulting company were suspended. The individuals also ceased acting on behalf of the company.
“The board continues to manage the matter carefully and in accordance with its governance, regulatory and disclosure obligations. Should there be any further material developments requiring disclosure, the company will communicate those through the appropriate channels,” Masie said.
“The board’s immediate focus remains on leadership continuity, operational stability and the interests of shareholders, funders, clients and other stakeholders,” he said.
The FSCA’s regulatory actions followed an investigation that found that, between 5 and 8 September 2022, Wheatley, then CEO of Altvest Capital, acted in concert with Keshwar-Wheatley and Karan, the chief investment officer of Altvest, which was listed on the Cape Town Stock Exchange at the time. Altvest is now listed on the JSE and A2X under the name Africa Bitcoin Corporation.
“Through their coordinated conduct, they created an artificially inflated share price and/or a false or deceptive appearance of the demand for, supply of, or trading activity in Altvest shares,” the FSCA said in a statement.
The FSCA imposed an administrative penalty of R5 million on Wheatley and WGW Capital, jointly and severally. It also imposed a R3m penalty on Keshwar-Wheatley and Tatum Keshwar Investments. At the time of the unlawful transactions, Tatum Keshwar Investments held a 17% shareholding in Altvest. Keshwar-Wheatley, as the sole director of Tatum Keshwar Investments, executed trades through the company’s share-trading account, the FSCA said.
The FSCA also imposed a R1m penalty on Karan for his involvement in the unlawful transactions.
Wheatley has previously indicated his intention to challenge the FSCA’s actions. The ABC board said that, while it was sympathetic to the individuals and recognised their contributions to building the business, “the company expresses no view at this stage on the legal merits of their intended challenge”.
Africa Bitcoin Corporation’s share price has fallen 41% over the past seven days, while over the past year it has declined by 70%.
Edward.west@nationalmg.co.za
THE NATIONAL