The SEC warned investors and the public not to do business with Marino FX Ltd., which falsely claims to be an SEC-licensed cryptocurrency exchange.
The SEC stated that Marino FX Ltd is neither registered nor permitted to operate in the Nigerian capital market in any capacity, including providing cryptocurrency exchange services. The regulator posted the statement on its website on Wednesday.
“Any assertion made by the company to the public regarding its SEC registration or licence is untrue and deceptive,” the SEC stated.
The commission also cautioned investors against doing business with Marino FX Ltd. or its agents, pointing out that doing business with unregistered companies exposes them to serious dangers, including as fraud and possible loss of investment. The SEC further stated that the public should be cautious and not do business with Marino FX Ltd.
The SEC reaffirmed its dedication to protecting investors and maintaining the integrity of the capital market in Nigeria.
Under the draft Investments and Securities Bill 2024, the agency has also suggested that operators of Ponzi schemes face a fine of N20 million, ten years in prison, or both.
“The proposed legislation includes strict penalties to curb illegal investment scheme promoters,” said SEC Director-General Emomotimi Agama at a public hearing on the bill last week.
Agama claims that in order to shield Nigerians from dishonest fund managers, the bill specifically forbids Ponzi and pyramid schemes. He went on to say that the action is to increase the Nigerian capital market’s competitiveness internationally, reinforce regulatory frameworks, and remove ambiguities.
Agama further emphasized how the proposed modifications will reposition the market to drive the country’s economic transition.
The SEC has pledged to combat fraud, money laundering, and market manipulation in the nation’s growing cryptocurrency industry, according to the PUNCH.
CREDIT:Allneeds, THE PUNCH
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