Kenyan Authority Warns People From Investing in Shady BTC Trading Firm

Investors and the general public have been warned by the independent government financial regulatory agency called the Capital Markets Authority or CMA of Kenya against investing in FxbitInvest. The warning was issued from @CMAKenya, the official and verified Twitter handle of the regulatory agency. FxbitInvest has taken the market by storm and is Kenya’s most recognized online bitcoin trading company. 

CMA authorities issued the warning after they noticed that FxbitInvest was luring innocent customers into investing their hard-earned money in the shady firm. The cognizance came to light owing to FxbitInvest’s unrealistic claims that guaranteed a whopping 400 percent return within six hours. 

According to the cautionary statement released by the CMA, a money transfer service on mobile platforms was being used to collect money from unsuspecting people. The personnel who were involved in ownership or in a personal capacity in the shady company’s business were also identified by the CMA. A clear-cut dictum was raised by the CMA, warning the general public of Kenya against making investments for the company or any of the directors of the company. The authorities also insisted the people who have fallen prey to the fly-by-night operators come forward and notify the closest police station. The claims must be supported with verified documents like national ID cards, transaction statements, or bank deposit slips. 

One can also directly report the fraud to the authorities of CMA. All one has to do is log in to the complaints portal on CMA’s website, www.cma.or.ke,  and drop in the details. People can also report fraud in person at the Capital Markets Fraud Investigation Unit located on the 3rd floor, Embankment Plaza at Longonot Road, Upperhill.