You invest in cryptocurrencies at your own risk – SEC cautions

The Securities and Exchange Commission (SEC) has cautioned the public and investors that they risk losing their investments in crypto currency schemes and activities because they are, unregistered, unlicensed and unregulated under the Securities Law of Ghana.

A statement issued by the Commission and signed by the Director-General, the Reverend Daniel Ogbarmey Tetteh, and copied to the Ghana News Agency, on Friday,  said its attention had been drawn  to a fast growing interest in the issue, investment and trading in crypto currencies.

“The above-mentioned activities offered by unregistered and unlicensed entities on digital on-line trading platforms with promises of high returns on investment are not sanctioned nor registered by the SEC,” it said.

It mentioned Bitcoin, XRP, Lite Coin, Ethereum, Monero, XRP, Tether, Tron, Binance Coin, Neo, IOTA, NEM, Holo, Waves, Ontology, Maker, Tezos, USD Coin, Ripple, Dash, Cardano, Stellar, ZCash and EOS, as some of the popular ones.

“The SEC wishes to inform the general and investing public that none of these Crypto currencies is recognised as currency or legal tender in Ghana.

“The platform on which they are traded are also not licensed nor regulated by the SEC. The SEC would like to make it clear that it does not currently regulate these types of products offerings and their accompanying on-line trading platforms or Exchanges.

“Members of the general public who are investing or intend to invest in such currencies or assets may be doing so at their own risk and can in no way be protected under the Securities law regime in Ghana”.

The Commission, therefore, advised the public to report the activities of those offering such Crypto currencies, such like assets, schemes and their trading platforms to it.

The SEC is the statutory body mandated by the Securities Industry Act 2016 (Act 929) to promote the orderly growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected.

“This Notice is issued pursuant to section 3 and 208 of the Securities Industry Act, 2016 (Act 929)”.

It urged the public to reach it on its Toll free number: 0800-100-065 or main line: 0302768970 – 2.

It can also be contacted on: www.sec.gov.gh.

Source: GNA

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