Markets regulator warns against unlicensed online forex trading

Capital Markets

Monday, October 22, 2018 13:05

By REUTERS

A customer exchanges dollars at a local forex bureau. FILE PHOTO | NMG

The 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,” Mr 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.

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