Skip to main content

Kenyans Cautioned Against Investing in BTC Company Promising Returns of 400% in Six Hours

A Kenyan regulator, the Capital Markets Authority (CMA), has cautioned investors and Kenyan citizens against investing with Fxbitinvest, a bitcoin trading company. The warning was issued after the regulator noted Fxbitinvest’s use of exaggerated return-on-investment promises to lure unsuspecting Kenyans.

Unrealistic Promises

According to a CMA statement issued on August 12, Fxbitinvest is offering prospective investors a return on investment (ROI) of 400% within a space of six hours. In addition, the regulator also identifies the “paybill numbers” that are being used by individuals behind Fxbitinvest to collect funds from Kenyans.

The CMA names persons associated with the company either in their capacity as employees or as owners. The identified individuals and their social media handles are Hassan Juma and Godfrey Koome who are both based in Kenya. The third individual, who is supposedly based in North America, has only been identified as an anonymous director.

Aggrieved Investors Urged to Engage Police

In addition to advising Kenyans against depositing funds with the bitcoin trading company, the CMA said investors defrauded by Fxbitinvest should contact the Kenyan police. The CMA statement explained:

Any investor who has been defrauded because of investing with the company is encouraged to report to the nearest police station with their national identity card, deposit slip or Mpesa statement, any contract that was entered into and other documents to support the claim.

Alternatively, the regulator said aggrieved investors can lodge a direct complaint via the online complaints portal or by visiting the CMA’s offices.

What are your thoughts on this story? Share your views in the comments section below.



from Bitcoin News https://ift.tt/3yWXIqR
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more