SEC Warns Investors About Cryptocurrency Scams
The Securities and Exchange Commission recently issued a warning regarding Marino FX Ltd, cautioning investors to steer clear of this entity claiming to be an SEC-licensed cryptocurrency exchange. The SEC made it clear that Marino FX Ltd is not registered or licensed by the SEC for any operations in the Nigerian capital market, including cryptocurrency exchange services. Any assertions made by Marino FX Ltd regarding registration or licensing by the SEC are false and deceptive.
Investors are strongly advised not to engage with Marino FX Ltd or its representatives due to the risks involved in dealing with unregistered entities, such as fraud and potential loss of investment. The SEC emphasized the importance of being cautious and avoiding any interaction with Marino FX Ltd for their financial safety.
The SEC is dedicated to safeguarding investors and maintaining the integrity of Nigeria’s capital market. The agency is also proposing stringent penalties, such as a fine of N20 million, 10 years imprisonment, or both, for operators of Ponzi schemes under the draft Investments and Securities Bill 2024. These measures are intended to eliminate fraudulent investment schemes and protect Nigerians from illegitimate fund managers.
SEC’s Director-General, Emomotimi Agama, highlighted that the proposed legislative amendments aim to prevent Ponzi and pyramid schemes, enhance regulatory frameworks, and boost Nigeria’s capital market competitiveness on a global scale. These reforms are expected to drive economic growth and transformation in the market. Additionally, the SEC has pledged to crack down on fraud, money laundering, and market manipulation within the cryptocurrency sector to uphold market integrity.
