The Nigerian Securities and Exchange Commission (SEC) has issued a warning against Marino FX Ltd, a company falsely claiming to be a licensed cryptocurrency exchange.
Warning About Marino FX Ltd
The Nigerian SEC declared that Marino FX Ltd lacks registration and a license to operate in the Nigerian capital market. The company's public claims of being licensed are false and misleading. The regulator urged investors to refrain from engaging with the company to avoid risks of fraud and investment loss.
SEC Actions Against Ponzi Schemes
The SEC of Nigeria is taking active measures against financial fraud and Ponzi schemes. A new bill proposes a penalty of at least 20 million naira or up to 10 years in prison for Ponzi scheme operators. New amendments were proposed to enhance the international competitiveness of the country’s capital market.
Approval of Crypto Exchanges in Nigeria
The SEC has granted preliminary approval to seven crypto companies, including Quidax Technologies and Busha Digital. Additionally, two digital asset platforms received approval to commence operations under the Accelerated Regulatory Incubation Program. These measures aim to protect investors and ensure transparency in the crypto sector.
The SEC's actions underline the importance of safeguarding investor rights and ensuring the reliability of Nigeria’s capital market. The regulator is seeking collaboration with local crypto companies despite ongoing pressures on major exchanges.
