The Capital Markets Authority (CMA) has warned Kenyans against 15 investment platforms accused of operating unlawfully and fraudulently soliciting money from Kenyans.

🇰🇪 Breaking It Down

In a notice dated Saturday, September 12, CMA said the entities were offering or purporting to offer investment services without the proper licences and other approvals.

The regulator published the names of the 15 flagged platforms in its notice, with Kenyans able to view the full list on the CMA’s official website, cma.or.ke , as well as through its verified social media accounts.

Some of the platforms had allegedly promoted cryptocurrency-related investment opportunities, while others marketed forex trading and Money Market Funds (MMFs).

📌 What You Need to Know

“The Capital Markets Authority (the Authority) wishes to caution the public against several entities purporting to offer investment services in Kenya without the requisite licensing or approval,” the regulator warned.

CMA stated that the entities are under active investigation by the Directorate of Criminal Investigations (DCI), in collaboration with the Authority and other law enforcement agencies.

“These entities are the subject of active investigations by the DCI in collaboration with the Capital Markets Authority and other law enforcement agencies,” CMA added.

The regulator cautioned Kenyans against dealing with the listed entities or individuals disguising fraudulent activities as investment opportunities, urging affected persons to report to the DCI.

A spot check by Kenyans.co.ke established that most of the listed platforms had previously been flagged by the government over allegations of purporting to offer money market funds (MMFs), cryptocurrency, forex and other financial services.

The warning comes as digital investment platforms continue to attract Kenyans seeking alternative ways of growing their savings and generating additional income.

📰 Source: Kenyans.co.ke