Kenyan Regulator Cracks Down on Unlicensed Crypto Firms
The Capital Markets Authority of Kenya (CMA) has flagged 15 entities for allegedly offering investment services without proper licenses. The list includes several crypto and digital-asset firms, such as QVSE, Kore Exchange, Bitblock Capital, CBEX, Ultima Cryptocurrency, and Wealth Sharing Group, trading as Opticoin.
The CMA said the entities were operating without necessary licenses or approvals and were unlawfully soliciting funds from the public. The authority has partnered with the Kenya Directorate of Criminal Investigations (DCI) to investigate these firms, urging affected investors to report cases to the DCI.
This move highlights the growing importance of crypto in Kenya's financial-crime investigations. Several of the flagged entities have marketed cryptocurrency, forex, or other digital investment products, allowing schemes to reach investors through online platforms and mobile devices.