The Securities and Exchange Commission (SEC) has cautioned the public against investing in Yepbit Exchange and Bonchat, warning that the two entities are suspected of operating fraudulent investment schemes without regulatory approval.
In a public notice, the Commission said the platforms had been soliciting investments from members of the public, including through digital and cryptocurrency asset platforms, despite not being licensed to operate in Ghana’s securities market.
The SEC stated that neither Yepbit Exchange nor Bonchat had obtained the requisite licence to provide investment services under the country’s securities laws.
“The SEC wishes to alert the general public to a suspected fraudulent investment scheme operating under the name(s) YEPBIT EXCHANGE and BONCHAT,” the Commission said.
It emphasised that “YEPBIT EXCHANGE and BONCHAT are not licensed by the SEC.”
The Commission advised prospective investors to verify the licensing status of any entity offering investment or trading services before investing their funds.
It also urged the public to be cautious of investment schemes that promise unusually high or guaranteed returns or rely primarily on recruiting new participants to generate earnings.
The SEC encouraged members of the public to report suspicious investment schemes to the Commission through its official communication channels for further investigation.
The warning was issued in line with the Commission’s mandate under Sections 3 and 208(c) of the Securities Industry Act, 2016 (Act 929), as amended, to protect investors and promote a fair, efficient and transparent securities market in Ghana.
