Wetang’ula directs probe into crypto firm’s Kenya operations

This is after Matungulu MP Stephen Mule demanded a statement regarding the operations of QVSE, which operates under the Global Investment Group in Kenya.

Mr Mule said concerns have been raised regarding the platform’s operations, particularly its regulatory status, investor protection measures, and the legality of its activities within Kenya.

“Honourable Speaker, reports indicate that the platform targets everyday citizens such as small-scale traders and other economically vulnerable groups by requiring a minimum investment of approximately Sh65,000 and promising fixed daily returns,” Mr Mule said while seeking the statement.

“Unfortunately, investors are unable to withdraw their initial capital investment and are only permitted to execute one trade per day upon receiving a notification from the company through their mobile phones.”

He said the allegations have also raised concerns that the unsuspecting members of the public may be exposed to significant financial losses should the platform fail to honour its obligations.

“Honourable Speaker, it is against this background that I request for a Statement from the Chairperson of the Departmental Committee on Financing and National Planning on the following—a report on the legal and regulatory status of QVSE and the Global Investment Group in Kenya, including whether the platform is licensed to offer investment or financial services and the laws governing its operations,” Mr Mule said in his statement.

He wants the committee chaired by Molo MP Kuria Kimani to provide a report on the ownership and operational structure of QVSE and the Global Investment Group, including their local representatives or partners.

The Matungulu MP further asked the committee to establish if any steps have been taken to investigate allegations that the platform operates as an unlawful investment or pyramid scheme.

Mr Mule wants the committee to establish measures put in place to protect Kenyans from unregulated investment schemes, including the actions being taken to safeguard affected investors and facilitate the recovery of funds where losses have been incurred.

Mr Wetang’ula directed Mr Kimani to investigate the allegations and report findings within two weeks.