Warren Wheatley has resigned as chief executive officer and employee of Africa Bitcoin Corporation, ending his remaining formal ties with the JSE-listed company after the Financial Sector Conduct Authority (FSCA) debarred him for 20 years over its findings on Altvest share trading.
Wheatley’s resignation took effect on 21 September 2026, with the board accepting it, Africa Bitcoin Corporation said in a Stock Exchange News Service (SENS) announcement on Tuesday, 22 September.
“Shareholders are referred to the announcement published on 1 September 2026 and are hereby advised that Mr. Warren Wheatley, who was placed on precautionary leave of absence from his role as Chief Executive Officer (“CEO”) of the Group, has resigned as an employee and CEO of the Group, with effect from 21 September 2026,” Africa Bitcoin Corporation said in a statement seen by TechMedia Africa.
The company said Stafford Masie, its executive director and director of bitcoin strategy, will continue as interim CEO while the board searches for a permanent successor.
Wheatley had already stepped down as a director of Africa Bitcoin Corporation on 31 August and was placed on precautionary leave from his executive responsibilities on the same day after the company was informed of the FSCA’s debarment decisions.
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What led to Warren Wheatley’s resignation
Africa Bitcoin Corporation did not give a reason for Wheatley’s resignation and did not disclose any terms attached to his departure.
His exit came before the end of the one-month precautionary leave imposed by the company. The leave was initially scheduled to last for one month, subject to review by the board.
The company had taken the action after the FSCA informed its board on 30 August of decisions to debar Wheatley, chief investment officer Akshay Karan and Tatum Keshwar-Wheatley, his wife, who was responsible for media and investor relations.
Wheatley resigned as a director of Africa Bitcoin Corporation with effect from 31 August and was removed from executive, management, operational, advisory and decision-making responsibilities. Karan was also placed on precautionary leave, while Keshwar-Wheatley’s consulting services to the group were suspended. The company described the measures as precautionary and non-disciplinary and said they did not constitute a determination on the merits of the FSCA’s findings.
The latest resignation therefore marks a further step in Wheatley’s departure from the business. His remaining connection to the company was as CEO and employee, which ended on 21 September.
The company said Wheatley’s challenge to the FSCA’s decision remains a personal matter and will continue independently of Africa Bitcoin Corporation. Wheatley, Keshwar-Wheatley and Karan have disputed the regulator’s findings and said they intend to apply to the Financial Services Tribunal for reconsideration and suspension of the orders.
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What the FSCA investigation found
The regulatory action relates to trading that took place almost four years before Africa Bitcoin Corporation adopted its bitcoin treasury strategy.
The FSCA investigated transactions involving Altvest shares between 5 and 8 September 2022, when the company was still known as Altvest and was listed on the Cape Town Stock Exchange.
The regulator found that Wheatley, his wife Keshwar-Wheatley and Karan acted in concert in trades that created an artificially inflated share price and a false or deceptive appearance of demand, supply or trading activity in Altvest shares.
The FSCA concluded that the conduct contravened section 80(1)(a) of the Financial Markets Act.
The regulator’s findings also provide more detail on how the shareholdings and trading accounts were connected to the individuals involved.
At the time of the transactions, WGW Capital, of which Wheatley was a director, held a 34% stake in Altvest. The FSCA said Wheatley executed trades through WGW Capital’s share trading account.
Keshwar-Wheatley, meanwhile, was the sole director of Tatum Keshwar Investments, which held a 17% stake in Altvest. She executed trades through that company’s share trading account.
Karan was found to have participated in the transactions. The FSCA subsequently imposed administrative penalties on the parties and debarred all three individuals for 20 years.
The penalties were R5 million against Wheatley and WGW Capital jointly and severally, R3 million against Keshwar-Wheatley and Tatum Keshwar Investments, and R2 million against Karan, according to the published findings reported by TechCentral.
The 20-year debarments restrict the three 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.
Importantly, the FSCA action was against the three individuals and related entities involved in the transactions, rather than Africa Bitcoin Corporation itself.
Africa Bitcoin Corporation said the regulator made no finding against any company in its group and imposed no penalty or debarment order on the group.
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How Wheatley’s case compares with other recent FSCA actions
The Wheatley case comes as the FSCA has continued to take enforcement action against individuals whose conduct it says breached standards applicable to participants in South Africa’s financial markets.
One recent example involved former Regiments Capital executives Eric Anthony Wood and Niven Magandheran Pillay. In August 2026 it was reported that the FSCA imposed 18-year debarments on the pair following an investigation that also considered findings of the Zondo Commission.
The FSCA said its investigation established that Wood and Pillay, while senior officials at Regiments Capital and Regiments Fund Managers between 2009 and 2016, engaged in conduct inconsistent with the standards of honesty, integrity and good governance expected of people holding such positions. The findings included improper payment arrangements, unlawful revenue-sharing and procurement practices.
The cases are different in the underlying conduct. The Regiments matter concerned the conduct of senior financial-services executives over several years, while the Wheatley case centres on specific Altvest share transactions conducted over four days in September 2022.