Kenya’s Capital Markets Authority (CMA) warned Kenyans on Monday against online foreign exchange trading through unlicensed entities, saying they risked losing their investments.
Paul Muthaura, CMA Chief Executive, said he observed several individuals and entities carrying on or purporting to carry on the business of an online foreign exchange broker or a money manager without the relevant licence by the Authority.
“The Capital Markets Authority (CMA) has issued only one license to EGM Securities Limited (formerly Execution Point Limited) to operate as a Non – Dealing Online Foreign Exchange Broker,” Muthaura said in a statement.
CMA said it planned to take appropriate action against any persons illegally conducting online foreign exchange trade. It asked anyone affected by the activity to report to the CMA.
It said all online foreign exchange brokers or money managers not licensed by the Authority should cease trading immediately.
Latest Stories
-
We’ll cut down imports and boost consumption of local rice and other products – Mahama
1 hour -
Prof Opoku-Agyemang donates to Tamale orphanage to mark her birthday
2 hours -
Don’t call re-painted old schools brand new infrastructure – Prof Opoku-Agyemang tells gov’t
3 hours -
Sunon Asogli plant will be back on stream in a few weeks – ECG
3 hours -
ECOWAS deploys observers for Dec. 7 election
3 hours -
73 officers commissioned into Ghana Armed Forces
3 hours -
Impending shutdown of three power plants won’t happen – ECG MD
3 hours -
Ghana shouldn’t have experienced any ‘dumsor’ after 2017 – IES Boss
4 hours -
Lamens flouted some food safety laws in re-bagging rice – Former FDA Boss Alhaji Hudu Mogtari
5 hours -
Afcon exit: Our issue is administrative failure and mismanagement, not lack of talent – Saddick Adams
5 hours -
WAPCo to commence major pipeline maintenance and inspection from November 25
5 hours -
CEO of Oro Oil Ghana Limited Maxwell Commey listed among the 100 Most Influential People Awards, 2024
5 hours -
Power crisis: Amandi is off due to maintenance, not debt – ECG Boss
6 hours -
Votes cast for late Akua Donkor to be declared invalid – Electoral Commission
6 hours -
You can’t keep “incompetent” Otto Addo for the long term – Countryman Songo
6 hours