The resignation comes three weeks after sanctions were imposed by the Financial Sector Conduct Authority on Wheatley and two other executives. The company itself was not sanctioned in the proceedings.
Bitcoin Africa: Wheatley leaves ABC permanently
Warren Wheatley had already left the board of directors on August 31 and had been placed on precautionary leave. BrefCrypto had previously detailed the removal of three Africa Bitcoin Corporation executives.
This time, his departure is complete. According to the SENS announcement published by Africa Bitcoin Corporation, the board accepted his resignation, and Stafford Masie will continue serving as interim CEO while a permanent successor is recruited.
Wheatley remains involved in his personal challenge to the FSCA’s decisions before the Financial Services Tribunal. Those proceedings will continue independently of ABC.
A 5 million rand penalty behind the departure
The case dates back to September 2022, when the company was still called Altvest Capital. The FSCA alleges that Wheatley, Tatum Keshwar-Wheatley and Akshay Karan coordinated transactions that created an artificially inflated price or a misleading appearance of activity in the stock.
Wheatley and WGW Capital received a penalty of 5 million rand, compared with 3 million for Tatum Keshwar-Wheatley and her investment company, and 2 million for Karan. All three were also barred for 20 years from certain activities in the financial sector. BrefCrypto had detailed the 10 million rand in sanctions.
The parties dispute the findings. Wheatley, for his part, says the transactions in question consisted of three test trades involving 50 shares for just 301 rand. He is seeking a review before the Tribunal. The FSCA nevertheless applies a much more serious classification related to market manipulation.
The Bitcoin strategy remains in place
The departure of its founder comes at a sensitive time for Africa Bitcoin Corporation. Formerly known as Altvest, the company adopted Bitcoin as its primary treasury asset and aimed to raise up to 210 million dollars to develop the strategy, modeled on Michael Saylor’s Strategy.
ABC held 5,5331 BTC after its latest purchase, reported in May. However, the transactions targeted by the FSCA date back to 2022, several years before the company’s Bitcoin pivot. The regulatory case therefore concerns neither the purchase of BTC nor the operation of the Bitcoin network.
The group also joined the JSE’s main market in May and was seeking to continue its international expansion. Its planned London listing had already been delayed in August.
Africa Bitcoin Corporation is therefore retaining its Bitcoin project, but without the person who had publicly championed it. Following the regulatory sanctions, the focus now shifts to continuity: Stafford Masie must maintain the strategy while the board searches for a permanent CEO.
