Cameroon -- Enforcement Actions Regulatory Overview

Cameroon, as part of the CEMAC (Central African Economic and Monetary Community) region, has seen its cryptocurrency enforcement primarily driven by the region's central bank and domestic efforts to combat financial fraud. Formal, publicly detailed enforcement actions against specific entities with precise penalty amounts are less common and harder to track compared to jurisdictions with more mature crypto regulatory frameworks.

However, two significant areas stand out within the last three years:

1. The CEMAC-wide Ban on Crypto-Assets by BEAC: This is a foundational regulatory action that makes all crypto-related activities illegal and provides the basis for enforcement.
2. Enforcement against crypto-related Ponzi schemes/fraudulent operations.

Here are the most significant cryptocurrency enforcement actions and related regulatory developments in Cameroon over the last three years:

1. CEMAC-Wide Prohibition of Crypto-Assets (BEAC Circular)

While not an enforcement action against a specific entity with a penalty, this is the most significant regulatory action that underpins all potential enforcement in Cameroon. It establishes the legal framework for why crypto activities are illegal.

• Regulator Name: Bank of Central African States (BEAC - Banque des États de l'Afrique Centrale), the central bank for the CEMAC region (which includes Cameroon).
• Entity Targeted: All financial institutions, payment service providers, and any individuals or entities engaged in crypto-asset activities within the CEMAC region.
• Violation Type: Establishment of a comprehensive ban on all crypto-asset related activities, including holding, exchanging, trading, and facilitating transactions. Any entity engaging in these activities post-circular would be in violation of this directive.
• Penalty Amount: N/A (This is the regulatory directive itself, not an enforcement action with a penalty). Penalties would stem from subsequent enforcement actions against specific entities violating the ban, which are usually handled by national judicial systems or financial police.
• Date: May 6, 2022
• Outcome: Established a clear and comprehensive prohibition on all crypto-asset related activities across the CEMAC region. This makes any operation of a cryptocurrency exchange, mining operation, or widespread trading highly illegal and subject to enforcement by national authorities (police, judiciary, financial intelligence units) in each CEMAC member state, including Cameroon.
• Source URL:
  • Reuters Article: https://www.reuters.com/markets/currencies/cemac-central-bank-bans-crypto-assets-2022-05-09/
  • IMF Report mentioning the circular: https://www.imf.org/en/News/Articles/2022/10/05/pr22336-imf-executive-board-concludes-2022-article-iv-consultation-with-cemac (See section on policy recommendations and risks).

2. Crackdown on Global Investment Trading (GIT) / Mbori Ponzi Scheme

This represents a significant enforcement action against a specific entity involved in what was marketed as a crypto-related investment scheme.

• Regulator Name: Primarily the Judicial System of Cameroon, including the Police (Direction Générale de la Police Nationale) and the National Financial Investigation Agency (ANIF - Agence Nationale d'Investigation Financière). The BEAC ban (mentioned above) would provide an additional regulatory basis for the illegality of the operation.
• Entity Targeted: Global Investment Trading (GIT) and its founder, Emile Parfait Mbori, along with several associates.
• Violation Type: Operating an illegal financial scheme (Ponzi scheme), fraud, illegal public offering of financial products, money laundering. Although often marketed as "crypto" (sometimes involving Mofor Coin), the core violation was operating an unregistered and fraudulent investment scheme.
• Penalty Amount: Not a final judicial penalty yet, as legal proceedings are ongoing. However, significant actions include:
  • Arrests and detention of the founder and associates.
  • Seizure of assets belonging to the company and its founders (e.g., properties, vehicles, bank accounts).
  • Victims are seeking restitution, potentially totaling billions of FCFA.
• Date: Arrests and significant enforcement actions occurred primarily between late 2022 and early 2023, following public outcry and investigations. The scheme itself had been operating for some time prior.
• Outcome: The founder, Emile Parfait Mbori, and several accomplices were arrested and detained. The company's operations were shut down. Legal proceedings are continuing in Cameroonian courts, aiming for convictions and potentially restitution for victims. This case sent a strong signal against unregulated investment schemes, particularly those leveraging the allure of cryptocurrency.
• Source URL:
  • Journal du Cameroun (French): https://www.journalducameroun.com/cameroun-la-justice-met-fin-aux-activites-de-global-investment-trading/ (Article from Jan 2023 discussing the arrests)
  • Actu Cameroun (French): https://actucameroun.com/2023/01/24/affaire-git-le-promoteur-emile-parfait-mbori-et-ses-complices-transfere-a-la-prison-centrale-de-kondengui/ (Article from Jan 2023 on the transfer of Mbori to prison)

Summary Note: The landscape of cryptocurrency enforcement in Cameroon is largely characterized by a regional ban from BEAC and national efforts to tackle fraudulent schemes that often masquerade as crypto investments. Detailed public records of specific fines or penalties for general non-compliance with the BEAC ban (outside of major fraud cases) are rare. The focus has been on protecting citizens from scams and maintaining financial stability through the central bank's directives.