Kenya warns against unlicensed online forex trading

Posted by On 2:24 AM

Kenya warns against unlicensed online forex trading


NAIROBI, Oct 22 (Reuters) - Kenya'sCapital 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," Muthaura said in a statement.

It said all online foreign exchange brokers or money managers not licensed by the Authority should cease trading immediately.

This article appears in: Stocks , World Markets , TechnologySource: Google News Kenya | Netizen 24 Kenya

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