Zambian SEC: “Beware of Scammy Cryptocurrency Investments Schemes Like OnyxCoin”


  • According to the official website of the Zambian SEC, investors are discouraged from dealing with self-proclaimed cryptocurrency advisors and “experts”.
  • Over the course of the past couple of years, a number of crypto/blockchain scams have emerged from Africa.

According to an all-new report published by the Lusaka Times — a well respected Zambian media outlet — the country’s SEC Head, Philip Chitalu, has warned the masses about OnyxCoin creator ‘Kwakoo’ and how the firm has not procured any of the necessary licenses required to dole out investment advice or solicit funds from the public.

As per the above-linked story, Kwakoo has been promoting Onyxcoin aggressively all across Zambia and has been able to lure in sizeable investments from the country’s local population.

In Chitalu’s opinion, the Securities Act, No. 41 of 2016 makes it explicitly clear that Kwakoo’s ongoing activities need proper licensure in Zambia — unless given clearance by the government in written form.

Not only that, but he has also pointed out that the promoters of OnyxCoin have been making a number of false promises to their customers that can, realistically, never be fulfilled. For example, the promoters claim that ONYX’s value will increase by over 1,000% by the end of June (2021).

Since ICOs are not standardized, Chitalu believes that their legal/regulatory status is still up for debate.

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