The Securities and Exchange Commission (SEC), Ghana, has issued a strong warning to the general public to steer clear of Yepbit Exchange and Bonchat, two platforms suspected of running fraudulent investment schemes.
According to the regulator, these entities have been actively soliciting investments from the public, including through digital and cryptocurrency asset platforms, without the necessary authorization.
In a public notice, the SEC clarified that neither of the platforms holds a valid licence to operate within the country’s securities market.
The commission, which is mandated to promote an efficient, fair, and transparent market while protecting investors, urged citizens to exercise extreme caution when approached by such ventures.
“The SEC wishes to alert the General Public to a suspected fraudulent investment scheme operating under the name(s) YEPBIT EXCHANGE and BONCHAT,” the regulator stated, adding emphatically that “YEPBIT EXCHANGE and BONCHAT are not licensed by the SEC”.
To avoid falling victim to financial scams, the commission advised members of the public to verify the licensing status of any entity offering investment or trading services before committing their hard-earned money.
Investors were also cautioned to be wary of schemes that promise unusually high or guaranteed returns, as well as those where earnings depend primarily on recruiting others into the fold.
The SEC has urged individuals to report any suspicious investment platforms directly to its offices. Members of the public seeking further clarification or wishing to make a report can reach the commission via email at info@sec.gov.gh or vasp@sec.gov.gh. Alternatively, they can contact the regulator on +233-302-768970-2, use the toll-free line 0800100065, or visit the official website.
The warning was issued in accordance with the regulator’s mandate under sections 3 and 208(c) of the Securities Industry Act, 2016 (Act 929), as amended, to ensure robust investor protection across Ghana.
By: Rainbowradioonline.com/Ghana
