The Kenyan Securities and Exchange Commission has raised a red flag on online forex trading company, Interweb Global Fortune and the director Manasseh Kuria Karanja.
This follows after the authority’s Capital Markets Fraud Investigation Unit and the Directorate of Criminal Investigation conducted an operation against unlicensed and unregulated Online Forex Trading entities in the country.
“Preliminary investigations conducted by the authority have revealed that Interweb Global Fortune has been purporting to carry on business as an online forex trading broker and money manager without a valid license from the CMA,” the regulator said.
Online forex trading is conducted through the speculation of currencies through electronic devices, and whereby the person trading makes profits by buying a currency that gains value.
CMA has said the platform was unlawfully collecting funds from investors and is now cautioning the public against participating through it.
The Cyprus Securities and Exchange Commission Also has released a warning about Binomo, an unregistered Forex brokerage which has been offering its services to the local population as well as the trading community of the European Union.
According to the warning, Binomo is not registered with any official authority and therefore does not have the right to offer any type of financial services to the population of both Cyprus and all the relative jurisdictions.
Binomo has been at the center of attention for a while now, where traders were very actively trying to figure out whether or not the company was a scam. Questions on trading forums, several social media websites and various other platforms were receiving mixed answers.
