Zambia SEC Warns Crypto Enthusiasts About Making Investments in Onyxcoin Cryptocurrency

The Securities and Exchange Commission in Zambia has issued a statement warning the general public that the creator of OnyxCoin Kwakoo is in no way a licensed investment advisor and should not solicit funds from within or outside the country. The CEO of the commission was reported to have made this statement as relayed by the Lusaka Times on August 2.

Relatedly, the CEO had noted that the Securities Act, No. 41 of 2016 dictates that certain activities — such as Kwakoo’s —  requires proper licensure in the country, except drastic legal measures, are taken to curb future occurrences. Chitalu had also added that the SEC was under the impression that Onyxcoin promoters are falsely claiming that that the cryptocurrency would experience a 1000% growth and make lots of profit for holders by June 2021. Going by the information stated on the commission's official website, the Zambia SEC had also  warned against ICO’s and cryptocurrencies generally:

Other possible MLM schemes the commission also pointed out

“The Commission would also like to advise investors, both current and potential, to observe extreme caution when dealing with self-proclaimed cryptocurrency educators, trainers and advisors (whose numbers are rapidly increasing) as the credibility and accurateness of their teachings and advice are unverified.”

In a previous report, the National Bank of Rwanda had issued a warning to the public about alleged crypto scams, including Onyxcoin, Supermarketings Global Ltd 3 Friends System Group Ltd and OneCoin.