The Securities and Exchange Commission has issued a warning to investors and the public regarding Marino FX Ltd, a company falsely claiming to be an SEC-licensed cryptocurrency exchange. The SEC emphasized that Marino FX Ltd is not registered or licensed by the commission to operate in the Nigerian capital market, including cryptocurrency exchange services. Investors were advised to steer clear of Marino FX Ltd to avoid potential risks such as fraud and loss of investment. The SEC reaffirmed its dedication to protecting investors and the integrity of Nigeria’s capital market.
Furthermore, the SEC proposed strict penalties, including a fine of N20m, 10 years imprisonment, or both, for operators of Ponzi schemes under the draft Investments and Securities Bill 2024. The Director-General of the SEC, Emomotimi Agama, highlighted the need for stringent measures to deter illegal investment schemes and protect Nigerians from fraudulent activities. Agama stressed that the proposed legislation aims to enhance regulatory frameworks, prevent financial crimes, and enhance the competitiveness of Nigeria’s capital market to drive economic growth.
The SEC is committed to tackling fraud, money laundering, and market manipulation in Nigeria’s evolving cryptocurrency sector.