The Capital Markets Authority (CMA) has warned the general public and investors against engaging in any investment with Fxbitinvest, a cryptocurrency company.
According to CMA, the company has been luring the public to invest in it with a promising return of 400 percent within six hours.
“CMA cautions investors and the public against engaging in any investment with Fxbitinvest,” said CMA in a statement.
The company is closely linked to three people identified as Hassan Juma, Geoffrey Koome, and an unnamed director who lives in North America, said CMA.
“Fxbitinvest is collecting funds from unsuspecting investors through the following M-Pesa Paybill Numbers: 1) 5578405 (Mpesa Paybill Name: CYPTO FX INVESTMENT) 2) 5525835 (Mpesa Paybill Name: FXBITINVEST).”
CMA has in the recent past put companies on the spot over regulation issues after it was slammed in June this year for not warning the public against investing in the unregulated companies.
The latest one is Cytonn Investment after CMA directed Cytonn Asset Managers Limited, a licensed fund manager, to immediately halt signing-up new clients till it changes the name of its business and its regulated products.
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CMA said the move seeks to enhance investor protection and promote investor confidence in the integrity of capital markets.
It is to effectively eliminate any confusion caused by the similar name used by the unlicensed entity Cytron Investment Management Limited.
“The change of the name of the licensed fund manager and the regulated products it offers to the public will effectively eliminate any confusion caused by the similar name used by the unlicensed entity Cyton Investments Limited, “said CMA Chief Executive Officer Wycliffe Shamiah.
The directives to stop on boarding clients will be in effect for a period of three months or such a time when the fund manager will fully comply with the directive to change the names of its businesses and its regulated products.
