The Zambian Securities and Exchanges Commission has warned the public against investing in Onycoin, a cryptocurrency developed by Kwakoo. The SEC\u2019s CEO Phillip Chitalu informed the public that Kwakoo and its representatives aren\u2019t licensed by the regulator to offer such services. \u201cPresentations which promote and solicit for funds to be invested in a financial product such as Onyxcoin qualify as investment advice in the context of the Securities Act\u2019s definition of an investment adviser,\u201d Chitalu said, as reported by local outlet Lusaka Times. According to the country\u2019s Securities Act, any person engaging in the provision of advice in investments must be licensed or otherwise properly exempted by the law, he said. Onyxcoin promoters have told their investors that they predict the value of the crypto to increase by over 1,000% by June, 2021. Chitalu also touched on ICOs, reminding the public to beware when investing. ICOs aren\u2019t standardized by the Zambian laws, making it easy for investors to lose their money. \u201cTheir legal and regulatory status is likely to depend on the circumstances of the individual ICO,\u201d he stated. Onyxcoin hails itself as an innovative digital asset that intends on facilitating universal payments on its website. The token promises its users a safe and scalable payments platform across a broad spectrum of service and industry by converting into a stable digital fiat \u2013 OnyxCash. Kwakoo Group recently launched OnyxPay, a decentralized exchange, in Kenya. Anthony Saint, the OnyxPay CEO stated at the time, \u201cWe have been working around the clock to make OnyxPay a great success. OnyPay is a decentralized payment platform with which we intend to integrate with all payment gateways across the globe to process payments in every arena of industry and service.\u201d According to a report by local crypto news outlet Bitcoin KE, Kwakoo Group also intends to invest in the Kwakoo Academy, an organization that seeks to educate users across Africa on blockchain technology and cryptocurrencies. Onyxcoin has expanded its operations to other African countries including Rwanda, Uganda and Congo. However, recently, the Central Bank of Rwanda issued a warning against crypto scams operating in the country, one of which was Onyxcoin. https:\/\/twitter.com\/CentralBankRw\/status\/1134130441211002883 According to the regulator, the scams all promised their investors a get-rich-quick scheme, but required an initial investment from the interested investors. Once they received the money, they cut off ties with the investors.