This archive report was first published on 16 August 2019.
On August 16, 2019, the Central Bank of Kenya issued a warning to Kenyans against dealing with unlicensed and unregulated online forex traders.
The authority urges citizens to confirm the trading license of forex dealers before engaging in any transactions.
Some of the characteristics of these questionable traders include inadequate money laundering and consumer protection safeguards, online bureaus that imply they offer the best forex deals, platforms lacking CBK or CMA licenses, and traders who offer mobile applications and engage in aggressive marketing through spam emails and social media.
Central Bank is urging citizens to forward complaints regarding unlicensed forex platforms to its Banking Fraud Investigation Department.
