Kenya Market Leaders Urge Cryptocurrency Exchange Firms to Safeguard Against Fraud

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  • A global leading cryptocurrency firm, Bitget has launched in Kenya, promising traders exchanges in several currencies
  • Market leader at Bitget, James Mumo, urged other crypto exchange firms to ensure Kenyans’s trading safety and protection from fraud
  • Mumo explained to TUKO.co.ke that Bitget has put in place measures to tell traders when it is safe to trade or not

Cryptocurrency exchange companies are demanding more stringent rules and safeguards for user funds and fraud prevention.

Kenyans following the proceedings of Bitget crypto launch in Nairobi. Photo: Bitget.
Source: UGC

James Mumo, a market player at Bitget, a leading crypto exchange firm, said that one crucial aspect of protecting users is taking responsibility for their money.

“This is because whatever you are trading in crypto is actual money,” said Mumo, during the launch of Bitget attended by TUKO.co.ke.

Speaking exclusively to TUKO.co.ke after presiding over the launch at a Nairobi hotel, Mumo noted that Bitget supports many cryptocurrencies, including Bitcoin, Ethereum, and over 500 altcoins.

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“What Bitget has done is making sure that there are security measures that have been put in place so that we make sure that all the users who are on the platform are actually protected, and there are actually guides that are on every single trade to tell you what you should do, what you should not do so that you make sure that all your trades are safe in the Kenyan market,” Mumo explained.

Mumo revealed that other organisations have proposed laws to regulate the industry.

“Bitget is looking and has been talking with these people to ensure that all this covers the concerns that we may have actually put in those laws. So, for instance, Bitget has over 300 million US dollars that it has placed on the side to protect user deposits,” he said.

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How to avoid fraud in crypto trading

Mumo observed that it’s essential to take your time and not be in any rush when performing a trade.

“If you find anyone pressuring you to do a particular transaction, please take your time because the people who may come onto a platform or enter a transaction, wanting you to do it very quickly, may want to take your money. So, it’s important to relax,” he added.

Speaking simultaneously during the event, Bitget African’s Marketing Manager Munene Mathendu said Bitget is a cryptocurrency exchange that allows you to trade different currencies, from your derivatives to your sports trading.

“”Bitget is a cryptocurrency exchange that allows you to trade different currencies from your derivatives to your sports trading. During the launch, we were able to cover a couple of items including copy trading which allows new users to copy expert traders,” Mathendu explained.

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Cryptocurrency trading in Kenya

Mathendu said the firm sees Kenya as a technological hub with potential youth keen to adopt new technologies.

“It is essential to present them with this type of technology to ensure that we present equal opportunities to all Kenyans, especially the young people. However, these products can be used by any other users,” said Mathendu, noting that Bitget has about 45 million users worldwide.

The company focuses on ensuring users understand how to trade cryptocurrencies and participate in the global markets.

“So, our expansion plans are just to keep engaging, push the agenda across, and help more users land on the platform. We keep pushing a lot of user education, which is our focus, community development, and helping to partner with more of the blockchain platforms that are pushing this agenda forward,” said Ikenga.

Earlier, TUKO.co.ke reported that Binance’s commitment to education and awareness in the crypto industry is evident through initiatives like Binance Academy.

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Binance’s expansion into Kenya includes the introduction of the Binance P2P marketplace, where Kenyans can transact through M-Pesa.

Binance boasts over 200 million users globally.

Proofreading by Mercy Nyambura Guthua, journalist and copy editor at TUKO.co.ke

Source: TUKO.co.ke