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Broker knock for SA's youngest millionaire

Johannesburg - ACM Gold, the preferred broker for SA's youngest millionaire Sandile Shezi's Global Forex Institute, has had its licence temporarily withdrawn by the Financial Services Board. 

The Global Forex Institute's website mentions that ACM Gold was its broker of choice. 

However, on Wednesday both Shezi and ACM Gold confirmed the withdrawal of the licence to News24. 

The Global Forex Institute provides training, including free beginner classes, in the trading of currencies.

"They are under investigation and as a result we can't send new clients to them," the 23-year-old Shezi told News24. 

"Until the issue is resolved we are sending our clients to IronFX."

IronFX is another forex broker and Shezi's site mentions that it is also one of the biggest in the world. 

ACM Gold's spokesperson Robyn Francis said the licence was temporarily withdrawn pending an investigation into a former client of theirs. 

"We are actively working with the FSB. We expect it [the investigation] to be resolved by the end of the week," Francis told News24. 

"As a precautionary measure and as a show of good faith, we are not accepting deposits or trades from new clients. This has been the case since we received notice from the FSB. Existing clients have full access to their funds which remain safe and secure."

ACM Gold holds several "best broker" awards.

WATCH: From selling muffins to making millions, we get to know this 23-year-old millionaire

On Monday, News24Live interviewed Shezi, who has been trending in South Africa after it was reported last week that he is South Africa's youngest millionaire. Watch as we get to know the 23-year-old self-made millionaire. Jennifer Sanasie finds out about his upbringing, his muffin business and his decision to leave varsity in his third year to pursue his dreams.

Find out (in the video above) what Shezi's parents said when they found out he dropped out of university, what the biggest obstacle was for the young entrepreneur when he opened the doors to his first business, the Global Forex Institute, and what his plans are for the future.

WATCH: Here's how you can learn how to trade from SA's youngest self-made millionaire

In the above video, Shezi said in a country with such a high unemployment rate, we should be grooming young people and giving them the right skills to make a living. Above, he explains why trading is one of the skills we should be teaching.

In his third year of varsity, Shezi decided to drop out, and used his entire tuition to start trading forex. He said he continued to leave home as if he was going to study each morning, but instead of going to varsity, he would go to the library and trade.

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