PRESS RELEASE: CAUTION AGAINST INVESTING WITH DOUBLECOINFX

2 September 2021  

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Nairobi, 2nd September 2021….The Institute of Certified Investment and Financial Analysts (ICIFA) wishes to alert the public of persons in the public domain fraudulently offering the services of investment and financial analysts without being registered and authorised to practice as such under the Investment and Financial Analysts Act No. 13 of 2015, Kenya (IFA Act).

ICIFA has been made aware of such fraudster activities by doublecoinfx, claiming to be acting as a firm registered by ICIFA pursuant to section 18 (1) (e) and 24 of the IFA Act.

We hereby wish to notify the public of the following:

• That investment and financial analysis services in Kenya can only be offered by persons who are registered by ICIFA and authorized and licenced to practice as investment and financial analysts under the IFA Act.

• That any person offering the services of an investment and financial analyst without authority to practice as such is guilty of an offence punishable under Section 20 of the IFA Act.

• That doublecoinfx is not a firm registered with ICIFA.

• That ICIFA will not be held liable for any loss incurred in relation with the investment products offered by doublecoinfx.

• That pending further investigation, the public should refrain from investing in any of the products offered by doublecoinfx.

• That the public should seek professional investment and financial analysis services from an ICIFA practicing member or firm registered with ICIFA.

ICIFA shall endeavor to protect the interest of the public in monitoring the investment and finance profession and ensuring that the public is protected from such fraudulent acts.