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CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" - Business (5) - Nairaland

Nairaland Forum / Nairaland / General / Business / CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" (37926 Views)

Nigeria To Clampdown On Loan Apps For Illegal Debt Recovery / FG Moves To Digitise FX Transactions To Punish Naira Speculators / Risevest’s CEO, Eke Urum, Found Guilty Of Sexual Impropriety And Abuse Of Power (2) (3) (4)

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Re: CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" by otomatic(m): 7:00am On Aug 18, 2021
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.

5 Likes 2 Shares

Re: CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" by Ajibel(m): 7:01am On Aug 18, 2021
UnknownT:
Hope they won't freeze Piggyvest account one day? Na there my savings dey oh!!

Abeg no talk this thing again angry E fit induce HBP
Re: CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" by lexy2014: 7:08am On Aug 18, 2021
authority2006:

Since you know Boko Haram sponsors accounts, forward it to CBN now. We told you to stop listening to all those "had been" politicians craving attention online who are experts in feeding lies to you.

at what point did u and i have a discussion about boko haram account numbers? who are d "we"? when did d "we" have any discussion with regarding d above? can u produce that discussion? isnt it obvious that u are d one who shouldnt be listened to because ur post is full of lies?

1 Like

Re: CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" by Zagee: 7:11am On Aug 18, 2021
But they said disruptive technology is good.
Nigerian government and BDSM undecided
Re: CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" by Zagee: 7:43am On Aug 18, 2021
Zero comprehension spotted here tongue
Bodmum:
Hahahahahahaha, ponzi schemes
Re: CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" by Zagee: 7:43am On Aug 18, 2021
Zero comprehensionspotted here tongue
Bodmum:
Hahahahahahaha, ponzi schemes
Re: CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" by CSTRR: 8:00am On Aug 18, 2021
FarahAideed:
What's those companies are doing is nothing but economic sabotage ..taking scarce Forex to go and invest it in the American stock market ...Can they try that in America ? They will be jailed for 50 years
In America, I am sure you can invest in foreign stocks.

Whose fault is it that Nigerians are buying foreign stocks and preserving their wealth from inflation?

Why blaming the victims.?

4 Likes

Re: CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" by Laredojohn(m): 8:05am On Aug 18, 2021
peacettw:
Seems my question is causing a problem.. I just hope the likes of piggyvest and Kuda are safe. Hmmm
My thoughts also
Re: CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" by Nobody: 8:08am On Aug 18, 2021
emmanuelewumi:



When the businesses were registered what do they have in their memorandum as their line of business, do they have license to do what they are doing, asset management, forex etc. If they are licensed, are they paying the stipulated dues, levies and taxes to government and the regulators like CBN, SEC and NSE?

Many people that are making comments are hustling youths who don't really understand how financial institutions and systems work. In business, people look for loopholes and key into that loopholes and make money before it is blocked.

I think Fejiro Agbodje is right by moving Patricia's base out of Nigeria to Estonia. Though shifting base does not mean they don't do any financial transaction with institutions in Nigeria, but the impact on their business would be minimal.

These companies are licensed for another business and are doing other things not covered by their licence. Technology is vast and universal and 100% monitoring is not possible. It is knowledge base. What has happened will enable them to think deeply and device other means of business.

3 Likes

Re: CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" by FarahAideed: 8:09am On Aug 18, 2021
CSTRR:

In America, I am sure you can invest in foreign stocks.

Whose fault is it that Nigerians are buying foreign stocks and preserving their wealth from inflation?

Why blaming the victims.?

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

3 Likes

Re: CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" by Nobody: 8:13am On Aug 18, 2021
fnep2smooth:
Why targeting startup...
CROOKED START UP LIKE OBI
Re: CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" by CSTRR: 8:31am On Aug 18, 2021
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
Well, maybe if Nigeria had a history of less corruption, and strong regulatory policies and a stable economy, the US would have no problem in their citizens investing in our fractional stocks.

The US would not stop their citizens from investing in most European stocks and possibly even Chinese stocks until the recent trade wars.

Besides there is no difference between fractional stocks and buying full stocks.

The only difference is that you are buying a fraction of it which is even a safeguard for the customers.

1 Like

Re: CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" by afroxyz: 9:00am On Aug 18, 2021
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

Stop exposing your ignorance. Where did you hear that US supports only full shares? Did you just crawl out from under a stone? On Robinhood you can buy fractional shares. Samething with eToro and many others. So if it was illegal Robinhood would become a public company trading on US exchange? What does reading charts have to do with fractional shares? Go and read to know

1 Like

Re: CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" by afroxyz: 9:02am On Aug 18, 2021
CSTRR:

Well, maybe if Nigeria had a history of less corruption, and strong regulatory policies and a stable economy, the US would have no problem in their citizens investing in our fractional stocks.

The US would not stop their citizens from investing in most European stocks and possibly even Chinese stocks until the recent trade wars.

Besides there is no difference between fractional stocks and buying full stocks.

The only difference is that you are buying a fraction of it which is even a safeguard for the customers.

The guy is a morass of ignorance.
Re: CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" by Samabu07(m): 9:11am On Aug 18, 2021
MHBNeiman:
Hyip scam.
It's not. Operate an open mind to every business opportunity that comes your way. Do diligent research and make your conclusion on that.
Even if you don't subscribe, assuredly, you have gained some insight on business.
Re: CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" by zhunterz: 9:44am On Aug 18, 2021
Blaqstick:

How much

Hello, this is Zontage, NL gave me ban till 2031 cheesy

290k, make your offer
Re: CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" by FarahAideed: 9:53am On Aug 18, 2021
afroxyz:


Stop exposing your ignorance. Where did you hear that US supports only full shares? Did you just crawl out from under a stone? On Robinhood you can buy fractional shares. Samething with eToro and many others. So if it was illegal Robinhood would become a public company trading on US exchange? What does reading charts have to do with fractional shares? Go and read to know

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
Re: CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" by Nobody: 9:55am On Aug 18, 2021
Hyips are generally scam not business opportunity. This is 2021 dude.
Samabu07:

It's not. Operate an open mind to every business opportunity that comes your way. Do diligent research and make your conclusion on that.
Even if you don't subscribe, assuredly, you have gained some insight on business.
Re: CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" by afroxyz: 10:06am On Aug 18, 2021
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

I really doubt. Because if you really have 'spent money on Robinhood' you would not make this blunder. Even holders of fractional shares receieve dividends. By the way Robinhood does not operate in Nigeria. Dundee.

2 Likes

Re: CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" by FarahAideed: 10:10am On Aug 18, 2021
afroxyz:


I really doubt. Because if you really have 'spent money on Robinhood' you would not make this blunder. Even holders of fractional shares receieve dividends. By the way Robinhood does not operate in Nigeria. Dundee.

And you assume I am of the same social class with U? undecided. .. Robinhood is the one that receives the dividend and pro rates it to re allot it ...the stock exchange don't know you they know Robinhood ...at any time robinhood could clean you out ....well I can't keep arguing with a typical Nigerian sheep , afterall people like you fund my life everyday and I am thankful .. without people like some of us will not eat
Re: CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" by gwinaB(m): 10:22am On Aug 18, 2021
fnep2smooth:
Why targeting startup...

What they did is an infraction against cbn regulations, even banks will be sanctioned for same infraction.
Re: CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" by hedonido: 10:23am On Aug 18, 2021
chukel:
This country sef. So the criminal Michael Aondoakaa is the counsel for cbn

You can imagine. I'm just fed up with this shithole.

2 Likes

Re: CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" by gwinaB(m): 10:29am On Aug 18, 2021
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!
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.

1 Like

Re: CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" by hedonido: 10:29am On Aug 18, 2021
What about Bundle Africa app? I hope they're beyond safe o?
Re: CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" by gwinaB(m): 10:31am On Aug 18, 2021
UnknownT:
Hope they won't freeze Piggyvest account one day? Na there my savings dey oh!!

If they do any financial business without license, their account will be frozen too.
Re: CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" by gwinaB(m): 10:32am On Aug 18, 2021
UnknownT:
Hope they won't freeze Piggyvest account one day? Na there my savings dey oh!!
If they do any financial business without license, their account will be frozen too
Re: CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" by gwinaB(m): 10:40am On Aug 18, 2021
KazikageSama:


YINMU!!!
CBN is freezing accounts not because the coys are guilty of anything but because almighty CBN want to "investigate".
If Piggyvest steps on the wrong toes, CBN will do same to them all in the name of investigating.

Everything nha turn by turn, he go reach dem soon.

That's not true though.
Re: CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" by gwinaB(m): 10:41am On Aug 18, 2021
Frezhkid10:
..we’ll there are no evidences that this platforms purchase their FX from the banks..rather they depend on bureau we change and all other means of purchasing forex which the CBN do not have any control over..

Bureau de change gets allocation from CBN and they are accused of round tripping, reason cbn stopped selling to them.
Re: CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" by Nobody: 10:56am On Aug 18, 2021
zhunterz:


Hello, this is Zontage, NL gave me ban till 2031 cheesy

290k, make your offer

2031? Lol,,,, dem for kuku tell you not to visit NL again.

1 Like

Re: CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" by Gaddafih001(m): 10:57am On Aug 18, 2021
peacettw:
Seems my question is causing a problem.. I just hope the likes of piggyvest and Kuda are safe. Hmmm
Na PiggyVest hol me o..
Kuda is my transfer machine o..
Nothing go do us.
Re: CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" by Nobody: 10:57am On Aug 18, 2021
If you know what is good for you
Convert all your naira to crypto usdt
Learn how to stake crypto for daily income
It's better than investing in any local firm that will pack up cause of buhari policies
Re: CBN To Freeze Risevest, Bamboo Accounts for "Illegal FX Transactions" by Mopolchi: 10:57am On Aug 18, 2021
Wahala dey ooo

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