• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to secondary sidebar
  • Skip to footer
  • Already a subscriber? Click here to login
  • Join @Publicware on Telegram

Publicware

Real News for the Public

  • Welcome
  • Health
    • Special Health Reports
    • Health Books
  • Wealth
    • Special Wealth Reports
    • Wealth Books
  • Happiness
    • Special Happiness Reports
    • Books for the Wise
  • Lifestyle
  • Self Improvement
  • Money
  • Alternative Invest
  • FreeOnlineAds
You are here: Home / Zambian SEC Warns Investors About Scam Cryptocurrency Investments

Zambian SEC Warns Investors About Scam Cryptocurrency Investments

The Securities and Exchange Commission of Zambia has issued a caution to the public to beware of scammers operating cryptocurrency investment advice services. The financial regulators received information about a company called KWAKOO that was pushing an initial coin offering with dubious future price predictions.

The nation’s SEC has stated that the firm is not registered with it and is therefore not qualified to give financial advice about securities. It reminds the public that only companies approved by the regulator may issue such investment advice.

Cryptocurrency Investment Advisers In Breach of Zambian Securities Act

The Zambian SEC has stated that KWAKOO’s promotion of the initial coin offering for the cryptocurrency Onxycoin was in violation of the Securities Act, No. 41 of 2016. According to a report in domestic news publication Lusaka Times, the company was advising clients to invest in various Onxycoin packages.

Those behind KWAKOO are believed to have told would-be investors to expect gains of 1,000 percent by June 2021. The head of the regulatory body, Philip Chitalu, told the publication that any person promoting or providing investment advice for assets deemed as securities must either be registered with the SEC or be exempt from the law as per the Securities Act.

Chitalu went on to state that the kind of presentations and advice provided by KWAKOO qualify as investment advice under the nation’s financial regulations. He added that since KWAKOO was not registered with the SEC, it fell foul of the Securities Act and was thus acting unlawfully in promoting the Onxycoin cryptocurrency.

Finally, Chitalu stated that SEC’s role was to protect investors from dubious claims such as those made by KWAKOO.

KWAKOO and Onxycoin themselves are closely tied. The CEO and founder, apparently Sir Anthony Saint according to Onxycoin’s Facebook page, posts many of the updates about the cryptocurrency on the social media site. However, that’s not all about Onxycoin that sounds more than a little dubious.

The project’s website is completely focused on how Onxycoin holders can make returns on their investments. There is little information about what makes the coin different from the thousands of other cryptocurrencies out there other than perks for investing early.

In terms of an overall project description the website’s landing page offers only:

“OnyxCoin is one of the most transformative technologies since the invention of the Internet. OnyxCoin stands firmly in support of financial freedom and the liberty that Bitcoin provides globally for anyone to voluntarily participate in a permissionless and decentralized network.”

The real red flag, however, is the referral bonus. An absolute hallmark of a classic ponzi scheme:

“OnyxCoin Affiliate program was structured provide value to all those who participate in our Public Sale. 35% of the money collected through our OnyxCoin Public Sale will be paid back to investors through our Referral and Binary Earnings. By leveraging your networks, you can get instant earnings with our platform.”

Related Reading: Is Largely Unbanked Africa Primed for Bitcoin Adoption?

Featured Image from Shutterstock.

Primary Sidebar

  • Featured
  • Wealth
  • Happiness
  • Health
  • Business
  • Crypto Currency
  • Finance
  • World News

Moody’s downgrades Russia’s credit ratings to pre-default

March 6, 2022 By Publicware Administrator

On Sunday, international rating agency Moody’s Investors Service has lowered Russia’s credit rating to Ca, the second-lowest grade of its ratings ladder. The decision was “driven by severe concerns around Russia’s willingness and ability to pay its debt obligations.” According to the agency, capital controls earlier introduced by Russia’s central bank are expected to restrict payments on the country’s foreign debt and may lead to default. Source: RT News … Read Full Article

Two Good Computer Habits

August 3, 2019 By Publicware Administrator

1. De-clutter your browser each day by going first to Explorer, then to Tools, and then to Internet Options, Temporary Options, and Temporary Internet Files. Click on Delete Files. Say "yes" to "Delete All Offline Content." 2. Update your virus protection weekly by clicking on your virus icon every Monday morning and following the prompts. *Advertisement* It's a Lot of Bull! Don't believe what you've been told about your health... Tired of getting health advice from fat doctors with pasty … Read Full Article

Staying Thin

August 3, 2019 By Publicware Administrator

I've said it more than once and Dr. Sears has backed me up. When it comes to staying in good health, there are very few things more important than keeping your weight down. I was always thin -- until I turned 40. Then, like every member of my Irish lineage before me, I ballooned. My weight went from a pretty muscular 170 pounds to something more like 230. My head alone must have weighed 30 pounds -- I was apparently experiencing that Ted Kennedy expanding-cranium problem. Then I went on the … Read Full Article

4 Ways to Futureproof Your Website

4 Ways to Futureproof Your Website

March 9, 2022 By Publicware Administrator

AI-driven search and digital marketing is just around the corner. So too are newer devices, such as folding phones, and faster-than-ever connections via 5G. As a webmaster or internet marketer, your work is never finished when it comes to maintaining your website and ensuring it works as it should. In this post, we’ll look at four things you can do right now to futureproof your website and to protect it against future change. Responsive Design Of course, your website should already have a … Read Full Article

Types of digital currencies

March 9, 2022 By Publicware Administrator

There are currently three basic types of digital currencies in development or circulation. Central bank digital currencies: A growing list of money-issuing governments is considering issuing digital versions of their fiat currencies, known as central bank digital currencies (CBDC). For example, China is testing its digital renminbi (e-RMD) to facilitate cross-border payments and circumvent existing digital payment channels. The U.S. is also working on a plan for its own CBDC. Other countries, … Read Full Article

Types of digital currencies

March 9, 2022 By Publicware Administrator

There are currently three basic types of digital currencies in development or circulation. Central bank digital currencies: A growing list of money-issuing governments is considering issuing digital versions of their fiat currencies, known as central bank digital currencies (CBDC). For example, China is testing its digital renminbi (e-RMD) to facilitate cross-border payments and circumvent existing digital payment channels. The U.S. is also working on a plan for its own CBDC. Other countries, … Read Full Article

Moody’s downgrades Russia’s credit ratings to pre-default

March 6, 2022 By Publicware Administrator

On Sunday, international rating agency Moody’s Investors Service has lowered Russia’s credit rating to Ca, the second-lowest grade of its ratings ladder. The decision was “driven by severe concerns around Russia’s willingness and ability to pay its debt obligations.” According to the agency, capital controls earlier introduced by Russia’s central bank are expected to restrict payments on the country’s foreign debt and may lead to default. Source: RT News … Read Full Article

TOPICS

Subscribe to Our Newsletter

LET’S KEEP IN TOUCH!

We’d love to keep you updated with our latest news and offers 😎

We don’t spam! Read our privacy policy for more info.

Check your inbox or spam folder to confirm your subscription.

RECENT POSTS

Types of digital currencies

There are currently three basic types of digital currencies in development or … [Read More...] about Types of digital currencies

  • What is Digital Currency?
  • 4 Ways to Futureproof Your Website
  • Moody’s downgrades Russia’s credit ratings to pre-default

Featured Story

Publicware digital currency

What is Digital Currency?

As technology advances, so, too, does digital currency. An early form of digital-based money was the electronic exchange of cash between bank accounts or an electronic payment utilizing credit. This … Read Full Article about What is Digital Currency?

4 Ways to Futureproof Your Website

4 Ways to Futureproof Your Website

AI-driven search and digital marketing is just around the corner. So too are newer devices, such as folding phones, and faster-than-ever connections via 5G. As a webmaster or internet marketer, your … Read Full Article about 4 Ways to Futureproof Your Website

Secondary Sidebar

VISITORS

 

A year from today you may be doing exactly what you are doing today… or you might be in an amazingly better situation.  Please click here to find out how we can help you get what you want from your life – one day at a time.

 

T

ARCHIVES

  • March 2022
  • December 2021
  • August 2019

Footer

CONTACT INFO

COOKIES & PRIVACY

  • Privacy Policy
  • Cookie Policy

SOCIAL NETWORKS

  • Facebook
  • Instagram
  • LinkedIn
  • Medium
  • Twitter
  • YouTube

RECENT POSTS

  • Types of digital currencies March 9, 2022
  • What is Digital Currency? March 9, 2022
  • 4 Ways to Futureproof Your Website March 9, 2022
  • Moody’s downgrades Russia’s credit ratings to pre-default March 6, 2022
  • Ukrainian military base near the city of Kherson March 5, 2022

FEATURED PAGES

About

FEATURED POSTS

Types of digital currencies

There are currently three basic types of digital currencies in development or circulation. Central bank digital currencies: A growing list of money-issuing governments is considering issuing digital versions of their fiat currencies, known as central bank digital currencies (CBDC). For example, China is testing its digital renminbi (e-RMD) to facilitate cross-border payments and circumvent existing […]

Copyright © 2023 · PublicWare.com. All Rights Reserved.