The Central Bank of Kenya has issued a warning against dealing with unlicensed and unregulated online forex brokers. In a notice on the dailies, the regulator urges Kenyans to verify the trading license of forex dealers on either the CBK or the CMA websites.
Central Bank argues that the unlicensed brokers lack adequate money laundering and consumer protection safeguards.
Foreign brokerages operating in Kenya offer their services through mobile applications downloaded on various App stores and partake aggressive marketing through spam emails, and social media.
Central Bank is urging citizens to forward complaints regarding unlicensed forex platforms to its Banking Fraud Investigation Department.
