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Kenya warns against unlicensed online forex trading

 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 in a statement in Nairobi that he observed several individuals and entities trading online without the relevant licence by the authority.

According to Muthaura, the authority has noticed individuals and entities are carrying on or purporting to carry on the business of an online foreign exchange broker or a money manager without licence.

“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.

He said CMA would take appropriate action against any person(s) illegally conducting online foreign exchange trade.

He asked anyone affected by the activity to report to the CMA and urged perpetrators to cease trading immediately. (Reuters/NAN)

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