The Capital Markets Authority (CMA) has warned that Kenyans are being lured to trade currencies by unlicensed firms following the sharp movements of the shilling.
CMA cited advertisements placed by a foreign firm purporting to offer online forex trading targeting investors who may be convinced there is money to make under the currency swings following coronavirus uncertainty.
The Capital Markets Authority (CMA) has warned that Kenyans are being lured to trade currencies by unlicensed firms following the sharp movements of the shilling.
CMA cited advertisements placed by a foreign firm purporting to offer online forex trading targeting investors who may be convinced there is money to make under the currency swings following coronavirus uncertainty.
“The Authority has also noted that offshore firms are advertising online foreign exchange products during this Covid-19 crisis in Kenya without a licence. This is illegal and such firms are directed to cease advertising their services locally unless they are licensed,” CMA said in a notice.
Kenya has had a history of losing money to online forex traders who disappear without a trace.
Online forex trading firm VIP Portal owned by Alfred Wangai and his wife Mercy Nkatha started out in Limuru in 2013 and within one year, it had received over Sh1 billion people looking to improve their fortunes.
The couple was arraigned in court in 2014 and has since been trying to convince judges to drop the charges. Last year they promised to refund investors but to date, few have been paid.
PAYE Tax Calculator
Note: The results are not exact but very close to the actual.
