RATE Group | Zambian SEC Warns Investors About Scam Cryptocurrency Investments
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Zambian SEC Warns Investors About Scam Cryptocurrency Investments

02 Aug Zambian SEC Warns Investors About Scam Cryptocurrency Investments

Posted at 23:07h in Cryptocurrency News by

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The Securities and Exchange Commission of Zambia has issued a caution to the public to beware of scammers operating cryptocurrency investment advice services. The financial regulators received information about a company called KWAKOO that was pushing an initial coin offering with dubious future price predictions.

The nation’s SEC has stated that the firm is not registered with it and is therefore not qualified to give financial advice about securities. It reminds the public that only companies approved by the regulator may issue such investment advice.

Cryptocurrency Investment Advisers In Breach of Zambian Securities Act

The Zambian SEC has stated that KWAKOO’s promotion of the initial coin offering for the cryptocurrency Onxycoin was in violation of the Securities Act, No. 41 of 2016. According to a report in domestic news publication Lusaka Times, the company was advising clients to invest in various Onxycoin packages.

Those behind KWAKOO are believed to have told would-be…

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