CMA Flags 15 Investment Platforms Operating Without Licences in Kenya

The Capital Markets Authority (CMA) has raised an alarm over 15 entities it says are offering investment-related services in Kenya without the licences required by law.

In a caution issued on September 11 and published on the regulator’s website on September 15, the CMA identified platforms including Quant Vest Stock Exchange (QVSE), Global Investment Group (GIG), CBEX, Just Markets, Ultima Cryptocurrency and Wealth Sharing Group.

The authority said the Directorate of Criminal Investigations (DCI) is already looking into the entities as part of efforts to address unlicensed investment activities.

For Kenyan investors, the warning highlights the importance of checking whether an online investment platform is authorised before depositing money. The CMA says companies providing services such as stockbroking, dealing in securities, investment advice, fund management and online foreign exchange trading must hold the appropriate licence.

The regulator has also urged members of the public to be cautious of schemes that present themselves as investment opportunities while allegedly engaging in fraudulent activities. Investors who encounter such platforms have been encouraged to report them to the relevant authorities.

QVSE draws attention

One of the platforms named by the CMA, QVSE, has recently attracted attention from users after reportedly restricting withdrawals for Kenyan customers.

According to Tech-ish, the platform stopped allowing Kenyan users to withdraw funds on September 4, with affected users reportedly receiving a message referring to United States regulations.

QVSE was incorporated in Colorado in June 2025. However, its US registration did not, by itself, give the company authority to operate as a securities trading platform.

The company had also previously come under regulatory scrutiny in Ghana. In July 2026, Ghana’s Securities and Exchange Commission included QVSE and Ultima Cryptocurrency among 23 entities it identified as operating without the required authorisation.

CBEX previously warned in Nigeria

CBEX, another name on Kenya’s list, had already attracted regulatory attention elsewhere in Africa.

In April 2025, Nigeria’s Securities and Exchange Commission warned the public that CBEX and associated entities were not registered to operate in the country. The warning followed the collapse of the platform after investors had been attracted by claims of unusually high returns.

Kenya’s latest caution illustrates how investment platforms can attract users across multiple countries even after regulators in other jurisdictions have raised concerns about their operations.

At the same time, Kenya has been strengthening oversight of the rapidly expanding digital-asset industry. The Virtual Asset Service Providers Act came into force in November 2025, followed by implementing regulations gazetted in July 2026. Existing crypto service providers have until November 4, 2026, to comply with the new regulatory requirements.

Investors urged to verify licences

The CMA warning also draws attention to the protections available to investors who use authorised market intermediaries.

Kenya’s Investor Compensation Fund provides compensation in circumstances where a licensed stockbroker or dealer fails to meet certain contractual obligations. Funds deposited with an unlicensed platform, however, do not automatically receive the same protection.

Meanwhile, Kenya continues to issue licences to legitimate digital investment businesses. In May 2026, the CMA granted Investment-Based Service Provider (ISPP) licences to Moneto Ventures and Pesa Bridge, while Rubiani Capital received a licence in August.

The distinction is therefore important for investors: online investing is not inherently prohibited, but the company providing the investment service must have the appropriate regulatory authorisation for the activities it conducts.

Before depositing money, investors can verify a platform’s regulatory status through the CMA and should be particularly cautious of promises of exceptionally high or guaranteed returns.