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Scam Alerts
Official warnings from African regulators, the biggest collapses, and how to check any platform in under a minute.
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Latest warnings
| Name | Warned by | Date | Type | What happened | |
|---|---|---|---|---|---|
| 15 unlicensed trading platforms | CMA (Kenya) | 11 Sept 2026 | Unlicensed platforms | CMA named 15 entities soliciting Kenyans without a licence; the DCI is investigating. | Source ↗ |
| Fast Profit Income | FSCA (South Africa) | 09 Jun 2026 | Forex & crypto scheme | Promised up to 200% on your first investment. Not authorised to provide financial services. | Source ↗ |
| JRL Forex Institute (Pty) Ltd | FSCA (South Africa) | 22 Jan 2026 | Unauthorised account management | Offered to manage trading accounts and forex trading via Instagram without authorisation. | Source ↗ |
| Omne Digital Wealth Management Solutions | FSCA (South Africa) | 22 Jan 2026 | Crypto investment solicitation | Solicited crypto investment funds via Instagram without authorisation. | Source ↗ |
| Elite Krypto Hub | FSCA (South Africa) | 22 Jan 2026 | Crypto investment solicitation | Solicited cryptocurrency investment funds without authorisation. | Source ↗ |
| Neo Forex Institute | FSCA (South Africa) | 04 Jun 2025 | Unauthorised forex services | FSCA public warning against dealing with this forex operator. | Source ↗ |
| CBEX | SEC (Nigeria) | 17 Apr 2025 | Collapsed 'AI arbitrage' Ponzi | Crashed in April 2025 with reported losses above $800m, came back demanding withdrawal fees, then went offline. SEC issued two warnings. | Source ↗ |
| Mirror Trading International (MTI) | CFTC (US) · SA liquidation | 24 Apr 2023 | Bitcoin 'forex bot' Ponzi | South African scheme that took about 29,421 BTC (2018–2021). A US court ordered its CEO to pay $3.4bn, the largest CFTC penalty ever. | Source ↗ |
Six red flags
"Up to 200%" or "5% a week" is the No. 1 sign. Real trading has losing months.
Account managers on Instagram or WhatsApp need a licence. Most don't have one.
Being asked to pay "tax" or an "unlock fee" before withdrawing means the money is gone.
MTI and CBEX both sold a magic bot. Neither existed as promised.
Referral rewards for bringing in friends is how Ponzi schemes grow.
If the name and number aren't on the regulator's register exactly, walk away.
Been scammed?
Report it to the regulator straight away: FSCA (South Africa), CMA and the DCI (Kenya), or SEC Nigeria and the EFCC (Nigeria). Be wary of "recovery agents" who contact you afterwards; most are a second scam.