(Nairobi, Kenya) – Kenya’s National Assembly has ordered an investigation into QVSE, an online platform offering investment opportunities to Kenyans by combining cryptocurrency payments with trading in United States stocks.
Speaker Moses Wetang’ula directed the Finance and National Planning Committee to probe the activities of the platform, which operates under the Global Investment Group. The committee has two weeks to report its findings.
The platform reportedly markets itself as providing a secure and convenient investment solution by enabling users to invest in United States equities using digital assets.
The directive follows a request from Matungulu MP Stephen Mule, who demanded a statement regarding the operations of QVSE in Kenya.
Mr Mule said concerns have been raised regarding the platform’s operations, particularly its regulatory status, investor protection measures, and the legality of its activities within Kenya.
“Honourable Speaker, reports indicate that the platform targets everyday citizens such as small scale traders and other economically vulnerable groups by requiring a minimum investment of approximately KES 65,000 and promising fixed daily returns,” Mr Mule said while seeking the statement. The minimum investment equals roughly $417 or £329 at current exchange rates.
“Unfortunately, investors are unable to withdraw their initial capital investment and are only permitted to execute one trade per day upon receiving a notification from the company through their mobile phones.”
He said the allegations have also raised concerns that unsuspecting members of the public may be exposed to significant financial losses should the platform fail to honour its obligations.
Mr Mule requested a report on the legal and regulatory status of QVSE and the Global Investment Group in Kenya, including whether the platform is licensed to offer investment or financial services and the laws governing its operations.
He wants the committee, chaired by Molo MP Kuria Kimani, to provide a report on the ownership and operational structure of QVSE and the Global Investment Group, including their local representatives or partners.
The Matungulu MP further asked the committee to establish if any steps have been taken to investigate allegations that the platform operates as an unlawful investment or pyramid scheme.
Mr Mule wants the committee to establish measures put in place to protect Kenyans from unregulated investment schemes, including the actions being taken to safeguard affected investors and facilitate the recovery of funds where losses have been incurred.
Mr Wetang’ula directed Mr Kimani to investigate the allegations and report findings within two weeks.