shadeyinka2:
Why?
They are startup companies and not BANKS!
Investigation can be done without freezing their account.

If you check carefully, all the hullaballoos is simply because the young guys refuse to service them at CBN!

In the motion ex parte marked FCH/ABJ/CS/822/2021 and filed on August 4, CBN through its counsel Michael Kaase Aondoakaa, submitted that “the investigation being carried out concerns what has been discovered to be serious infractions by the defendants/respondents in connection with some foreign exchange transactions, and non-documentation by the defendants/respondents in violation of the extant laws and regulations, particularly the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act and the Central Bank of Nigeria foreign exchange manual.”

“That more specifically, there is a grave allegation that the defendants/respondents are engaged in illegal foreign exchange transactions, accessing/procuring of foreign exchange via their banks from the Nigerian foreign exchange market via several bureaux de change, international money transfer operators and have transferred cash deposit of more than S10,000.00 (Ten thousand dollars) to various accounts overseas contrary to provisions of extant laws and regulations and also traded in foreign securities and cryptocurrencies in contravention to CBN Circular referenced TED/FEM/FPC/GEN/01/012 and BSD/DIR/PUB/LAB/014/001 dated February 5, 2021, and July 01, 2015

Ok12345:
Why are they frustrating the youth?

We are trying to beat against inflation by investing in dollars

motymop:


They have been proven guilty with lot of evidences that is why their account has been frozen

mapet:


Some of you are just as naive as you come.



Who does business in any place without learning about the regulations and regulatory requirements?

In the motion ex parte marked FCH/ABJ/CS/822/2021 and filed on August 4, CBN through its counsel Michael Kaase Aondoakaa, submitted that “the investigation being carried out concerns what has been discovered to be serious infractions by the defendants/respondents in connection with some foreign exchange transactions, and non-documentation by the defendants/respondents in violation of the extant laws and regulations, particularly the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act and the Central Bank of Nigeria foreign exchange manual.”

“That more specifically, there is a grave allegation that the defendants/respondents are engaged in illegal foreign exchange transactions, accessing/procuring of foreign exchange via their banks from the Nigerian foreign exchange market via several bureaux de change, international money transfer operators and have transferred cash deposit of more than S10,000.00 (Ten thousand dollars) to various accounts overseas contrary to provisions of extant laws and regulations and also traded in foreign securities and cryptocurrencies in contravention to CBN Circular referenced TED/FEM/FPC/GEN/01/012 and BSD/DIR/PUB/LAB/014/001 dated February 5, 2021, and July 01, 2015

gwinaB:

Under cbn regulations, you can't buy Fx from CBN and used same to purchase shares outside the country, that's one one the infractions they are citing them for. And if you are not licensed to do fx biz, it's equally wrong to freely and openly indulge in it. The Nigerian financial sector is heavily regulated and you are choiceless in complying.

KC031:
Nawa ooo... living and staying legit in this country as a young guy is really challenging.

mapet:


Some of you are just as naive as you come.



Who does business in any place without learning about the regulations and regulatory requirements?

shadeyinka2:

Using your own quote:

And their CBN regulated banks allowed the infraction!?

I haven't said that they didn't break any rules, that can be sorted out in the courts.
My issue is , if you check deeply, its because they refuse to settle some CBN staff...

Skyfly007:
Learn how the law works bro!

They have been accused of an offense(illegal forex transactions).

Investigations have started..

Accounts have been frozen till investigations are COMPLETED..

It is after completion of investigations that the court will either find them guilty or innocent of the accusations!

Innocent until proven guilty.

motymop:


They were not accused, they were investigated which lead to their account been froozen.

Maybe you need to learn how the law works

Skyfly007:
I'm in the system bro with first hand info...

To investigate is to conduct an official enquiry..

It does not mean the defendant is guilty!

The accounts were frozen so they won't be able to send money overseas pending the outcome of the investigations..

If you still don't understand, then there is nothing I can do at this moment

motymop:


They were not guilty yet their account were frozen.

Stop contradicting yourself.

The result of the investigation are out that is why their account were frozen through a court order

otomatic:
They are not ponzi schemes but people don't know that financial services is the most regulated industry. There are so many laws and regulators and I wonder if their backers are not aware of this fact.

Transferring 10K dollars with no suspicious transaction report rendered is against anti money laundering laws. Dealing in foreign securities is also against the laws.

In as much as I encourage the innovations, they should work within applicable laws and with relevant regulators.

As long as you are taking Deposits from the public, it's not only SEC you will deal with. There is CBN, NDIC, NFIU, law enforcement, etc.

I hope the issues are resolved speedily.

gwinaB:


That's not true though.

motymop:


Let's get things correct.

The price of US stock arent the same on all the trading app because they offer what is called zero commission trading which is a new concept for retail trading. , robinhood buys various shares in bulk for 1 dollars and then sell to retailers for 1.5, they indirectly make 0.5cents when you buy shares on their app, now Because of this new concept of zero commission, robinhood apps also make money from interest earned on your cash balances, margin and selling your order information to high-frequency traders.

Concerning Trove, chaka and bamboo, they do not have US license to sell shares, what they do is partner with drivewealth using their API to sell US shares to Nigerians, if your money disappears from these apps, drivewealth wont pay any body any cash, it is trove, chaka and bamboo that will be held responsible.

samsard:
They aren't ponzi schemes. CBN is just not happy that they're taking out scarce foreign currency, especially above stipulated limits and also trading crypto.

FarahAideed:


I didn't say it's illegal but no exchange in America issues you a share cert for fractional shares ...I am sure I have spent more money on Robinhood than you have so shut up and learn

KazikageSama:
Bro pls about buying Fx from barter can you shed more light boss

CBN runs based on instructions from politicians and political office holders (believe it or not), it's hardly driven by data or fiscal or economic policies. Let me ask you a question, Barter by Flutter today still provide the same FX service on it's App and it's not limited by the CBN monthly $100 limit. You can buy forex there at card rate till now. Why do you think it's still operational? Why was it not sanctioned? Let's just say Agboola knows what he is doing.

Elsueno:


Oga high IQ, sometimes it's a good idea to research before u argue with veterans....just look at dat statement "Robinhood could clean u out" .

Bros, whole Robinhood woh?

And those finetech in Nigeria are not being investigated for fraud, but lack of forex license( says CBN). The $$ does not even go thier account but to drive wealth in the U.S. The finetech just offers platform for easy transactions

KazikageSama:


CBN runs based on instructions from politicians and political office holders (believe it or not), it's hardly driven by data or fiscal or economic policies. Let me ask you a question, Barter by Flutter today still provide the same FX service on it's App and it's not limited by the CBN monthly $100 limit. You can buy forex there at card rate till now. Why do you think it's still operational? Why was it not sanctioned? Let's just say Agboola knows what he is doing.

Bro pls about buying Fx from barter can you shed more light boss

KazikageSama:


CBN runs based on instructions from politicians and political office holders (believe it or not), it's hardly driven by data or fiscal or economic policies. Let me ask you a question, Barter by Flutter today still provide the same FX service on it's App and it's not limited by the CBN monthly $100 limit. You can buy forex there at card rate till now. Why do you think it's still operational? Why was it not sanctioned? Let's just say Agboola knows what he is doing.

mapet:


So You mean CBN took them to court because "they refused to settle some CCBN staff....."? Haba!....

IyaTola:
Most likely

FarahAideed:


Buying stocks properly is a lot different from this fractional stock owning fraud these companies are perpetrating ....the American govt will never allow Americans to buy Nigerian fractional stock if the reverse is done .... Truth be told companies like trove , Chaka , Bamboo are just playing on the desperateness of Nigerians to hedge inflation and stealing from them by creating a fraudulent mirror exchange that just steals from you...The US stock exchange only recognizes full shares and not fractions and that's why these companies cannot provided you with any evidence that you own shares other than a computer screen showing you green and red arrows ....Don't let them play you

adubam:
Chaka as at my last longing are still receiving dollars.

shadeyinka2:

Human beings (Nigerians) makeup CBN not buildings!

mapet:

Lil Sis,

Sit this out....you're totally underwhelming here