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Cameroon: MINFI Bans Seventeen Crypto Asset Trading Companies Over Illicit Operation
Category :- Economy and Finance Author :- N Gelmin S 
Posted on November 5, 2020, 12:00 am
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Government has banned some seventeen online companies discovered to be involved in fundraising without legal approval from the state. The band was recently placed by the Minister of Finance Louis Paul Motaze.

Cameroon: MINFI Bans Seventeen Crypto Asset Trading Companies Banned Over Illicit Operation

In a release issued on Thursday October 29th, 2020, Minister Motaze asks owners of the enlisted enterprises to immediately seize from selling equity shares to the public and to refund all investment sums dubiously collected so far from both National and international stakeholders.

These enterprises include; Fortune Investment and Wealth, Academy of African Investors (AAA), Global Investment Trading (GIT), GTX Invest Global Trusted Exchange, Global Crypto Currency Trading, Petronpay Cameroon, Mekit Invest, Unique Finance, Africa’Lif, Sogaa Sarl, Crifat, Highlife International Cameroon, Sairiu, Cameroon Invest, Mougano Investment, Obassi Communication, Diviner’s Auto Electronic and Revel Cameroon.

Cameroon: MINFI Bans Seventeen Crypto Asset Trading Companies Banned Over Illicit Operation

These online investments have been booming in Cameroon for some time now, with many people getting involved and investing sums of money in different levels for some material or monetary interest, depending on the company policies.

The minister has equally instructed that these enterprises should inform their customers of the state decision before shutting down. They are equally asked to present a report on the effectiveness of the reimbursement process of all collected sums to the Minister.

Cameroon: MINFI Bans Seventeen Crypto Asset Trading Companies Banned Over Illicit Operation

These companies have been operating in an online scene where they collect significant capital from investors promising unrealistic gains in what they call “down line” where one persons get a number of persons registered under their link before they can benefit from a certain percentage.

According to the Finance Ministry, these underlined intentions of such illicit fundraising falls under the electronic existence of cash which can’t be controlled by the Government in case anything goes wrong (crypto asset trading).

MINFI

The Finance Ministry is therefore drawing the attention of potential public and economic investors on the risk of losing their money.

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