South African Reserve Bank Prudential Authority

South African financial regulators have been taking a renewed critical look at Crowd1 – a  nebulous, highly controversial and popular Spanish (or Russian) company that claims to be a networking marketing firm, among other things. Crowd1 has already been banned in Namibia and the Philippines, and other countries, under suspicions of foul play. Since last month, the South African Reserve Bank (SARB) Prudential Authority has been investigating Crowd1 – a part of what is known as Impact Crowd Technology Group. Looking specifically into whether or not the company is a deposit-taking organisation. According to MoneyWeb, Crowd1 has vehemently denied allegations made against it that it is, in fact, a pyramid scheme. However, claims made by the Bank of Namibia suggest just that. The Bank claim...