Kenyan authority cautions people from investing in Bitcoin trading company offering unrealistic gains

NEW DELHI: The Capital Markets Authority (CMA) of Kenya, an independent government financial regulatory agency of the African nation, has cautioned investors and the public from making any investment in Fxbitinvest.


The regulator has issued this warning from its verified Twitter handle @CMAKenya. FxbitInvest is an online

bitcoin trading company

in Kenya.

The warning comes after the CMA took cognizance of FxbitInvest’s offer luring the Kenyan public to invest their funds while promising a whopping return of 400 percent in 6 hours.

The cautionary statement noted that the company was collecting funds from unsuspecting investors through a smartphone-based money transfer service.

The authority also identified the persons who were involved in this shady company either in their personal or ownership capacity.

The CMA advised people not to invest with the company or its directors. They also urged anyone who might have fallen prey to these fly-by-night operators to approach the nearest police station with their national ID cards, bank deposit slip or transaction statement to support their claims.

Alternatively, one could also report any such fraud to the CMA on the complaints portal on its website www.cma.or.ke or in person at Capital Markets Fraud Investigation Unit located on the third floor of Embankment Plaza, Longonot Road, Upperhill.