CBK issues an alert on unlicensed forex traders.

The Central Bank of Kenya has issued a warning against dealing with unlicensed and unregulated online forex traders. Moreover, the authority urges Kenyans to confirm the trading license of forex dealers. An individual can verify a forex trader on either the CBK website or the CMA website.

Some of the characteristics of these questionable traders include:

1. Inadequate money laundering and consumer protection safeguards.
2. Online bureaus which imply that they offer the best forex deals.
3. Platforms which lack CBK or CMA licenses.
4. Traders who offer mobile applications 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.