Kenya's capital-markets regulator has flagged 15 entities it says are unlawfully soliciting investments from the public without the required licences.
The Capital Markets Authority warning covers entities offering or promoting various purported investment opportunities, including forex and cryptocurrency-related products.
The firms named include Global Investment Group, QVSE, Kore Exchange, Abacus Wealth Management, Brown Advisory Group, B Invest, Bitblock Capital Limited, Maliwave Investments, Monetrix Capital Investments, Twenty-four Hours Pro Expert Trader, Wealth Sharing Group or Opticoin, CBEX, Just Markets, Ultima Cryptocurrency and Lukman-trust fund.
The CMA says the entities are not authorised to offer regulated investment services in Kenya.
The Directorate of Criminal Investigations is investigating alongside the regulator and other law-enforcement agencies.
For consumers, the warning highlights a basic rule that can prevent substantial losses: check the regulator before checking the promised return.
A professional-looking website, social-media following, WhatsApp group, celebrity endorsement or screenshots showing other investors' supposed profits do not establish that an investment platform is licensed.
Promises of unusually high, consistent or "guaranteed" returns should also trigger additional scrutiny.
Investors should independently confirm the regulatory status of any company claiming to offer investments and should be especially cautious when pressured to transfer money quickly.
Category: Business
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