- Investor Protection Alert: SEC Says Yepbit Exchange and Bonchat Are Not Licensed
The Securities and Exchange Commission, Ghana, has warned the investing public against two platforms, Yepbit Exchange and Bonchat, describing them as suspected fraudulent investment schemes operating without regulatory approval.
In a public notice dated July 15, 2026, the SEC said the two platforms were soliciting investments from members of the public, including through digital and crypto-asset platforms, even though neither Yepbit Exchange nor Bonchat is licensed by the Commission.
The warning comes amid growing concern over the rise of online investment schemes that use digital assets, social media platforms and aggressive referral models to attract unsuspecting investors with promises of unusually high or guaranteed returns.
The SEC said its mandate is to regulate and promote the development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected.
“The SEC wishes to alert the General Public to a suspected fraudulent investment scheme operating under the name(s) YEPBIT EXCHANGE and BONCHAT, which is soliciting investments from members of the public, including through digital/crypto-asset platforms,” the notice said.
“YEPBIT EXCHANGE and BONCHAT are not licensed by the SEC,” it added.
The Commission advised the public to verify the licensing status of any entity offering investment or trading services before committing funds. It also urged investors to be wary of schemes promising unusually high or guaranteed returns, avoid platforms where earnings depend mainly on recruiting others, and report suspicious platforms to the regulator.
The warning is significant because Ghana’s investment market has in recent years seen a rise in unlicensed operators using digital channels to bypass traditional regulatory scrutiny. Such schemes often present themselves as crypto trading platforms, online investment clubs, digital exchanges or automated income-generating businesses.
For many retail investors, the appeal is usually simple: quick returns, low entry barriers and persuasive testimonials. But the risk is equally high. Where platforms are not licensed, investors may have little or no regulatory protection if funds are lost, withdrawals are blocked or operators disappear.
The SEC’s latest notice therefore reinforces a familiar but urgent message: investors must verify before they invest.
The regulator’s caution against schemes whose earnings depend primarily on recruitment also points to the risk of pyramid-style investment models. In such arrangements, returns are often funded not by genuine investment activity, but by money from new entrants. Once recruitment slows, the structure usually collapses, leaving late participants exposed to heavy losses.
The rise of crypto-linked schemes has made the problem more complex. Digital assets and online platforms can move quickly across borders, making it easier for unlicensed operators to reach investors and harder for regulators to intervene after losses occur. This makes early public warnings an important part of investor protection.
The SEC said members of the public can seek further information or report suspicious platforms through its official email addresses, info@sec.gov.gh and vasp@sec.gov.gh, by calling +233-302-768970-2 or the toll-free line 0800100065, or by visiting the Commission’s website.
The notice was issued pursuant to sections 3 and 208(c) of the Securities Industry Act, 2016, Act 929, as amended.
The warning should serve as a strong signal to the public that digital investment platforms must not be treated as safe merely because they appear professional online or claim to offer crypto-related services.
For investors, the basic rule remains unchanged: any person or entity offering investment products, trading services or securities-related activities in Ghana must be properly licensed or authorised.
The SEC’s red flag on Yepbit Exchange and Bonchat is therefore not only a warning about two platforms. It is a broader reminder that investor protection begins before money changes hands.
