The Capital Markets Authority issued a statement cautioning consumers over the use of KeniCoin crypto tokens and their trading in Kenya. The ICO for the coins was launched publicly in July 2018.
KeniCoin price has risen to 2,000 Kenyan Shillings from its initial price of 100 Kenyan shillings in july 2018. The Capital Markets Authority has its reservations about this rise in price as 10% monthly returns were promised.
10 million tokens were issued in KeniCoin’s public ICO. There is a likelihood that the company behind the ICO could be investigated.
The CMA stated: “Further the Capital Markets Authority has noted discrepancies in the information provided in the website http://www.kenicoin.com and the information given to the authority during interviews of Wiseman Talent Ventures leadership in relation to the total number of Kenicoin sold and the total funds raised. CMA is currently investigating the operations of Wiseman Talent Ventures.”