On 2 March the High Court ordered that the online trading platform Banxso be placed under final liquidation, reported Daily Maverick (3 March 2026).
“For thousands of investors who lost money after being lured by deepfake advertisements and promises of extraordinary returns, the order marks a pivotal turning point. However, the final liquidation order handed down this week is not, in itself, a refund.”
The applicants’ claims liabilities of more than R137m.
Although Banxso claims that it is solvent its available funds in its bank accounts were approximately R69.97m, leaving a shortfall of more than R67m.
“The Court rejected arguments that the liquidation was an abuse of process or that alleged conflicts involving the applicants’ attorneys should derail the matter.
“Banxso is no longer fighting to stay alive. The focus has shifted to accountability, asset tracing and distribution.”