Quantcast
Zambia SEC Warns Against Investing in Onyxcoin - BlockNewsAfrica
  • About
  • Contact
  • Content Policy
  • Partners
JOIN TELEGRAM
BlockNewsAfrica
Advertisement
  • Home
  • Resources
  • Countries
    • Nigeria
    • South Africa
    • Ghana
    • Kenya
  • Buy Bitcoin
    • Buy Bitcoin in Nigeria
      • Luno
    • Buy Bitcoin in South Africa
      • Luno
    • Buy Bitcoin in Ghana
      • Ebitcoinics
    • Buy Bitcoin in Kenya
    • Buy Bitcoin in Cameroon
    • Buy Bitcoin in Africa
  • DeFi
  • P2P Trading
  • Earn Bitcoin
No Result
View All Result
  • Home
  • Resources
  • Countries
    • Nigeria
    • South Africa
    • Ghana
    • Kenya
  • Buy Bitcoin
    • Buy Bitcoin in Nigeria
      • Luno
    • Buy Bitcoin in South Africa
      • Luno
    • Buy Bitcoin in Ghana
      • Ebitcoinics
    • Buy Bitcoin in Kenya
    • Buy Bitcoin in Cameroon
    • Buy Bitcoin in Africa
  • DeFi
  • P2P Trading
  • Earn Bitcoin
No Result
View All Result
BlockNewsAfrica
No Result
View All Result
Home Regulation

Zambia SEC Warns Against Investing in Onyxcoin

Elikem Elias by Elikem Elias
August 12, 2019
in Regulation, Zambia
0
Zambia SEC Warns Against Investing in Onyxcoin
  • Save

Danger concept background - severe storm warning flags on beach. Baga, Goa, India

Share on FacebookShare on Twitter

Philip Chitalu, the CEO of the Zambian Security and Exchange Commission has warned the public against the promoted Onyxcoin cryptocurrency. 

Mr. Philip Chitalu in his warning made known to the public that the creator of Onyxcoin,  Kwakoo is not licensed to give investment advice or solicit funds from within or outside the country, thus dampening the promotion that the creator of Onyxcoin has been going about in the country.

Apparently, Kwakoo has been soliciting investments from the general public, gearing them towards investing in Onyxcoin. 

Under the SEC’s security Act, No 41 of 2016, activities duchess as that of Kwakoo’s require proper licensing unless specifically exempted by law. In addition, the wild predictions that Onyxcoin promoters use to coax investors promising a 1000% increase by 2021 raises a red flag over the cryptocurrency. 

Taking the opportunity, the CEO of the SEC made a comment about ICO’s, highlighting that such offerings weren’t standardized. He spoke about the risks that accompany ICO’s and that the legal and regulatory status of an ICO depends on its particular circumstance. 

The tint of resentment against cryptocurrencies is clear on the Zambian SECs website where it emphasizes the following advice. 

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.

Warnings From Regulators, A Growing Trend On The Continent

Recently, the Bank of Rwanda also issued a statement warning the general public about cryptocurrency scams such as Onyxcoin and many other Ponzi schemes that have made investors lose a lot of money, a couple including; Onyxcoin, Onecoin,  3 Friends system Group Ltd and Supermaketing Global Ltd. 

PUBLIC NOTICE: Warning against Pyramid Schemes, Network Marketing Programs and Scam Coins. #Rwanda #RwOT pic.twitter.com/Vv4Ad2hXwr

— CentralBankRw (@CentralBankRw) May 30, 2019

The Bank of Rwanda cautioned investors to carefully vet projects before investing their money into them claiming that the Bank bears no responsibility and would not recompense scammed victims. This comes after a whopping 80% of ICO’s in 2018 were declared scams, with investors reeling in heavy loses. 

  • Save
Lofi DeFi Lofi DeFi Lofi DeFi
Previous Post

Mazzuma Launches First African-Based IEO

Next Post

AltCoinTrader Becomes First Cryptocurrency Exchange In Africa To Add Gold

Elikem Elias

Elikem Elias

Related Posts

FNB Closes Cryptocurrency-Related Accounts In SA
  • Save
Regulation

FNB Closes Cryptocurrency-Related Accounts In SA

by BlockNewsAfrica
November 20, 2019
Bank of Tanzania Issues Warning on Cryptocurrency
  • Save
Regulation

Bank of Tanzania Issues Warning on Cryptocurrency

by Edwin Elikem Draffor
November 16, 2019
Top Nigerian Politician Supports Regulation of Cryptocurrencies in Nigeria
  • Save
Nigeria

Top Nigerian Politician Supports Regulation of Cryptocurrencies in Nigeria

by BlockNewsAfrica
July 26, 2019
Uganda’s Central Bank Warns Against CryptoCurrency
  • Save
Regulation

Uganda’s Central Bank Warns Against CryptoCurrency

by Elikem Elias
July 2, 2019
Next Post
AltCoinTrader Becomes First Cryptocurrency Exchange In Africa To Add Gold
  • Save

AltCoinTrader Becomes First Cryptocurrency Exchange In Africa To Add Gold

Things You Should Read

what-is-ftx-blocknewsafrica
  • Save

What is FTX Token (FTT)? – Definition, How To Buy and Store FTT

September 18, 2020
A Dive Into DeFi – Is It Worth the Hype? Is DeFi the Future of Finance?
  • Save

A Dive Into DeFi – Is It Worth the Hype? Is DeFi the Future of Finance?

September 14, 2020
How To Buy Bitcoin in Africa
  • Save

How To Buy Bitcoin in Africa

April 15, 2020
What is Uniswap? Decentralized Exchange and DeFi Powerhouse
  • Save

What is Uniswap? Decentralized Exchange and DeFi Powerhouse

September 16, 2020
Facebook Twitter Instagram Youtube
BlockNewsAfrica

Cryptocurrency and blockchain news by Africa for Africans: We provide the latest news, updates, and developments from the African continent.

Find Tags

Algorand Binance Binance Coin (BNB) Binance P2P Binance USD Bitcoin (BTC) Bitcoin ATMs bitfxt Blockchain Blockchain and AI Africa Conference Bundle Buycoins Africa CryptoLocally DASH Earn Crypto eBitcoinics ERC 20 Ethereum Exchanges Fiat-On-Ramps FLASH FlashCoins Ghana Cedi ICE3X Jobs Litecoin LocalBitcoins LocalCryptos Luno Mobile Money NaijaCrypto Naira (NGN) P2P Exchange P2P Trading Paxful Privacy Quidax Remitano Ripple Tether USD Trading Tron (TRX) Twitter VALR YellowCard

Disclaimer: Information like articles, reviews, and tutorials found on BlockNewsAfrica is not investment advice. You are encouraged to do your own research (DYOR) before making any important decisions. You can always refer to our content policy.

© 2020 BlockNewsAfrica - Your ultimate African cryptocurrency companion.

No Result
View All Result
  • Home
  • Resources
  • Countries
    • Nigeria
    • South Africa
    • Ghana
    • Kenya
  • Buy Bitcoin
    • Buy Bitcoin in Nigeria
      • Luno
    • Buy Bitcoin in South Africa
      • Luno
    • Buy Bitcoin in Ghana
      • Ebitcoinics
    • Buy Bitcoin in Kenya
    • Buy Bitcoin in Cameroon
    • Buy Bitcoin in Africa
  • DeFi
  • P2P Trading
  • Earn Bitcoin

© 2020 BlockNewsAfrica - Your ultimate African cryptocurrency companion.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
Share via
Facebook
Twitter
LinkedIn
Mix
Pinterest
Tumblr
Skype
Buffer
Pocket
VKontakte
Xing
Reddit
Flipboard
MySpace
Delicious
Amazon
Digg
Evernote
Blogger
LiveJournal
Baidu
NewsVine
Yummly
Yahoo
WhatsApp
Viber
SMS
Telegram
Facebook Messenger
Like
Email
Print
Copy Link
Powered by Social Snap
Copy link
CopyCopied
Powered by Social Snap