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Don’t deal with cryptocurrency companies – SEC warns Ghanaians

The Securities and Exchange Commission (SEC), has indicated that it has commenced thorough research into cryptocurrency-related activities in the country following fears of a cryptocurrency scam.

In the meantime, it has urged Ghanaians “to desist from engaging in these crypto entities.”

“If you chose to go there, you are on your own,” the Deputy Director General of Securities and Exchange Commission, Paul Ababio said to Citi News.

The SEC does not regulate the cryptocurrency space in Ghana, and cryptocurrency is not accepted as legal tender.

“We are still doing our research and gathering information, and we welcome any input that people might have to help us formulate a view with how we can deal with it in Ghana.”

The SEC was responding to calls on government from some customers of cryptocurrency company, Global Coin Community Help, to help them retrieve their locked-up monies from the company.

The over 100,000 customers of the cryptocurrency company, Global Coin Community Help have said state agencies such as the Economic and Organized Crime Office (EOCO) and the Criminal Investigations Department (CID) are not acting on a petition they presented on the matter.

Solomon Anderson, who spoke on behalf the affected customers, said EOCO was petitioned in October 2018.

“It is sad for state institutions to sit down and allow some of these things to happen to us because if you claim he has defrauded us and is not ready to pay us, we expect you to step in and act on our behalf,” he said.

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