South Africa's financial services regulator has quickly withdrawn a warning it issued against cryptocurrency arbitrage platform Ovex, saying the exchange falls outside its "current jurisdiction"
The Financial Sector Conduct Authority (FSCA) apologised for "any inconvenience caused".
On Thursday, the FSCA warned the public that that the Cape Town-based platform was "not authorised to give any financial advice".
The FSCA retracted its initial warning later on Thursday, saying it was in correspondence with Ovex and was withdrawing its previous warning amid a probe.
By Friday morning, the FSCA said the probe was complete and had shown that Ovex "does not currently require a licence from the regulator" as its business activity "falls outside the current jurisdiction of the FSCA".
"The investigation is closed and we apologise for any inconvenience caused as a result of the warning."