CMA issues warning over use of Kenicoins digital currency in Kenya

The Capital Markets Authority (CMA) has issued a warning against the use of digital coins from Kenicoinexchange.com.

Speaking on Friday, CMA CEO Paul Muthaura cautioned those trading with digital currencies that the company behind Kenicoins, Wiseman Talent Ventures, is not registered with them.

"The Authority is investigating the operations of Wiseman Talent Ventures.

CMA CEO Paul Muthaura (Twitter) Pulse Live Kenya

"We have noted discrepancies in the information provided on the firm’s website and the information provided to the authority during interviews of Wiseman Talent Ventures leadership in relation to the total number of Kencoin sold and the total funds raised

"It is important for the public to know that the nature and features of the capital raising and coins trading promoted by Wiseman Talent Ventures have not been approved by the authority," he stated.

Promised 200% return on Investment

Muthaura went on to caution Kenyans that he company is luring unsuspecting investors with a promise of over 200% return on investment.

The company has been marketing a Kenicoin issued at an Initial Coin Offering (ICO) of Sh 100 to be trading at Sh 2,000.