Ghanaians have been warned not to deal with cryptocurrency companies

Deputy Director General of Securities and Exchange Commission, Paul Ababio
  • The Deputy Director General of Securities and Exchange Commission, Paul Ababio said they are now researching into cryptocurrency.
  • He therefore cautioned Ghanaians not to invest in cryptocurrency.
  • Paul Ababio said they welcome any input on the research from the general public.

Ghana’s Securities and Exchange Commission (SEC), has cautioned Ghanaians to desist from investing in cryptocurrency of any form.

The Deputy Director General of Securities and Exchange Commission, Paul Ababio told Accra-based Citi FM that they have started thorough research into cryptocurrency-related activities in the country.

“We are still doing our research and gathering information, and we welcome any input that people might have to help us formulate a view with how we can deal with it in Ghana.”

This is because the SEC fears there may be a cryptocurrency scam if care is not taken.

 “If you chose to go there, you are on your own” Paul Ababio said.

He added that currently, the SEC does not regulate the cryptocurrency space in Ghana, and cryptocurrency is not accepted as legal tender.

His comments are coming at a time where some customers of cryptocurrency company, Global Coin Community Help are calling on the government to help them retrieve their locked-up monies from the company.

According to the over 100,000 customers of the cryptocurrency company, the state investigative agencies such as the Economic and Organized Crime Office (EOCO) and the Criminal Investigations Department (CID) are not acting on a petition they presented on the matter.

Solomon Anderson, who spoke on behalf the affected customers, said they petitioned EOCO in October 2018.

“It is sad for state institutions to sit down and allow some of these things to happen to us because if you claim he has defrauded us and is not ready to pay us, we expect you to step in and act on our behalf,” he said.

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