The Capital Markets Authority (CMA) has named QVSE among 15 entities it says are unlawfully and fraudulently soliciting money from Kenyans while purporting to offer investment services without the required licences or approvals.
In a notice on September 11, 2026, the Authority said the entities were allegedly soliciting funds from members of the public while disguising their activities as legitimate investment opportunities.
“The Capital Markets Authority (the Authority) wishes to caution the public against a number of entities purporting to offer investment services in Kenya without the requisite licensing or approval,” stated CMA.
The CMA listed the entities as:
- Global Investment Group (GIG)
- QVSE
- Kore Exchange
- Abacus Wealth Management
- Brown Advisory Group
- B Invest
- Bitblock Capital Limited
- Maliwave Investments
- Monetrix Capital Investments
- Twenty-four Hours Pro expert Trader
- Wealth Sharing Group (Opticoin)
- CBEX
- Just Markets
- Ultima Cryptocurrency
- Lukman-trust fund
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CMA Warns Against Unlicensed Investment Services
The Authority said the listed entities are operating unlawfully and are fraudulently soliciting funds from the public.
It cautioned Kenyans against dealing with the companies or individuals behind the schemes, especially those presenting themselves as investment service providers without the necessary regulatory approval.
The warning comes as the CMA continues to crack down on entities offering investment-related services without the licences required under Kenya’s capital markets regulations.
The CMA said the 15 entities are currently the subject of active investigations by the Directorate of Criminal Investigations (DCI), working together with the Authority and other law enforcement agencies.
The investigations aim to establish the circumstances surrounding the entities’ activities and their solicitation of funds from members of the public.
The Authority urged members of the public with information about the entities, or who may have been affected, to cooperate with investigators.
The regulator encouraged members of the public and affected persons to report the entities to their nearest DCI offices.
“The public and affected persons are encouraged to cooperate in the ongoing investigations by reporting to their nearest local Directorate of Criminal Investigation (DCI) offices,” said CMA.
The CMA also urged the public to exercise caution before committing money to investment opportunities, particularly where the entity offering the service has not demonstrated that it has the necessary regulatory approval.
Why the Firms Have Been Flagged
Most of the listed platforms were previously flagged by the government over allegations that they purported to offer money market funds (MMFs), cryptocurrency, forex, and other financial services without the required approvals.
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QVSE had already attracted regulatory attention in different jurisdictions before the Capital Markets Authority (CMA) named it among 15 entities under investigation.
The concerns have centred on whether the platform and entities associated with it have the necessary regulatory approvals to offer investment-related services to members of the public.
In July 2026, Ghana’s Securities and Exchange Commission (SEC) listed Quant Vest Stock Exchange (QVSE) among entities it said were operating without the required licence to conduct capital-market activities.
The regulator warned members of the public against investing through the listed entities and advised them to deal only with properly licensed operators.
QVSE also came under scrutiny in Kenya over its operations and regulatory status, and a matter raised in Parliament called for investigations into QVSE and Global Investment Group (GIG), including whether the entities had the necessary licenses and approvals to offer investment and financial services in the country.
Earlier this month, users attempting to withdraw money from QVSE said they received notices claiming their accounts had been restricted due to alleged regulatory violations.
The withdrawal problems raised further questions about how the platform operated and whether it had the necessary regulatory approvals to offer investment services. Concerns also arose about the entities behind the platform and the nature of the financial products offered to users.
Investigations into QVSE’s regulatory status in the United States found that Quant Vest Stock Exchange Limited was incorporated in Colorado in June 2025.
However, its registration with the Financial Crimes Enforcement Network (FinCEN) covered money-services activities such as money transmission and foreign exchange dealing, rather than authorization to operate a securities exchange.
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