MMM Global, OneCoin, Others Proving a Concern in Africa’s Bitcoin Market

One of the three most popular Bitcoin exchanges in the African market has warned its users on the need to be cautious of MMM Global and others offering similar schemes.
Bitpesa is a Kenya-based exchange which also operates in Nigeria, Tanzania and Uganda. It now has a screaming message that would appeal to users on its webpage which says:
‘Bitpesa has recently become aware that MMM Global, Zarfund and similar services have begun operating in our markets. We are aware of many instances of customers of these services in other countries issuing complaints that these services have not always delivered on their promises and have left their customers with unexpected financial losses. We caution all of our customers to carefully consider all the investment opportunities and to be aware that they may be putting their investment at risk of total loss.’
Bitpesa’s move follows a similar warning by another Africa-focused exchange, Bitx, for its users to be cautious of such schemes. Bitx says it also resorts to blocking users who tried to facilitate the payments to such schemes through the exchange based on a combination of certain keywords, suspicious Bitcoin addresses and other means.

This post was published at Coin Telegraph on 2016-10-27.