Kenya’s Capital Market Authority ( CMA) has warned investors to desist from investing with FXBitInvest, an online cryptocurrency trading platform.
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CMA, the independent Kenyan government capital market licensing, monitoring and regulatory body noted that Ponzi like promises by FXBitInvest of over 1000 leverage, bogous 400% return investments on a product within 6hours and non compliance with KYC, as the platform promises customers immediate trading within 40 seconds without KYC registration as worrisome, suspicious, and a precursor for scam and money laundering.
According to CMA, the company is closely linked to three people identified as Hassan Juma, Geoffrey Koome, and an unnamed director who lives in North America.
“Fxbitinvest is collecting funds from unsuspecting investors through the following M-Pesa Paybill Numbers: 1) 5578405 (Mpesa Paybill Name: CYPTO FX INVESTMENT) 2) 5525835 (Mpesa Paybill Name: FXBITINVEST),” said CMA in a statement.
The market regulator also advised victims of the fraudulent scheme to report the matter to their nearest police station with a national identity card, bank deposit slip or Mpesa statement, any contract that was entered into and other documents to support the claim.
Investors can also report the matter to the Capital Markets Fraud Investigation Unit at the CMA office in Upperhill or lodge a complaint directly on the Complaints Portal within the CMA website www.cma.or.ke.
In June this year, CMA came under fire for not warning the public against investing in the unregulated Cyton Investments.