A warning against dealing with unlicensed and unregulated online forex brokers has been issued by the Central Bank of Kenya via a notice in the daily newspapers.
The Central Bank, encouraged Kenyans to verify the trading license of forex dealers on either the Central Bank Of Kenya (CBK) website, or the Capital Markets Authority of Kenya (CMA) website, citing that the unlicensed brokers lack adequate consumer protection and safeguards against money laundering.
The Central Bank of Kenya (CBK), stated that citizens should forward complaints regarding unlicensed forex platforms to its Banking Fraud Investigation Department.
Foreign brokerages with operating in Kenya, offer their services through mobile applications that are downloadable via various App stores like Apple’s Apps Store and Google’s Playstore, while engaging in aggressive marketing through spam emails, and social media.
