SEC cautions traders in opposition to cryptocurrency scammers

The Securities and Trade Fee has cautioned traders and most of the people in opposition to partaking with Marino FX Ltd, which is falsely claiming to be an SEC-licensed cryptocurrency alternate.

In an announcement launched on Wednesday, on the fee web site, the regulator clarified that Marino FX Ltd is neither registered nor licensed by the SEC to function within the Nigerian capital market in any capability, together with cryptocurrency alternate providers.

“Any declare to the general public by the corporate of its registration or license by the SEC is fake and deceptive,” the SEC stated.

The fee additional urged traders to keep away from transacting with Marino FX Ltd or its representatives, noting that coping with unregistered entities exposes traders to important dangers, together with fraud and potential lack of funding. “The general public is hereby suggested to train warning and chorus from partaking with Marino FX Ltd,” the SEC added.

The SEC reiterated its dedication to safeguarding traders and guaranteeing the integrity of Nigeria’s capital market.

The company has additionally proposed a fantastic of N20m, 10 years imprisonment, or each for operators of Ponzi schemes beneath the draft Investments and Securities Invoice 2024.

Talking at a public listening to on the invoice final week, SEC Director-Common, Emomotimi Agama, acknowledged that the proposed laws contains stringent penalties to curb the actions of unlawful funding scheme promoters.

In keeping with Agama, the invoice expressly prohibits Ponzi and pyramid schemes to guard Nigerians from fraudulent fund managers. He added that the transfer goals to strengthen regulatory frameworks, get rid of ambiguities, and enhance the worldwide competitiveness of the Nigerian capital market.

Agama additionally emphasised that the proposed amendments would reposition the market to drive nationwide financial transformation.

The PidomNigeria reported that the Securities and Trade Fee has vowed to fight fraud, cash laundering, and market manipulation within the nation’s quickly evolving cryptocurrency sector.