SEC blacklists Marino FX, warns Nigerians in opposition to enterprise transactions — Day by day Nigerian
The Securities and Exchange Commission, SEC, has cautioned the general public in opposition to conducting enterprise with Marino FX Ltd., saying the corporate will not be registered or licensed to function in Nigeria’s capital market.
The fee gave the warning in a discover on Wednesday in Lagos.
“We hereby notify the general public that Marino FX Ltd., who has been parading itself as a SEC licensed cryptocurrency trade is NOT registered or licensed by SEC to function in any capability within the Nigerian capital market, together with cryptocurrency exchanges.
“Any declare to the general public by the corporate of its registration or license by SEC is fake and deceptive.
“The fee thereby suggested the general public to train warning and chorus from partaking with Marino FX Ltd. or any of its representatives.
SEC additional said that transacting within the Nigerian capital market with unregistered and unregulated entities exposes traders to monetary dangers, which embrace fraud and the potential lack of funding.
The fee expressed dedication to defending traders within the Nigerian capital market, whereas working diligently to curb scams and different fraudulent actions.
The fee famous {that a} public listening to was held on the proposed Investments and Securities Bill (ISB) 2024 , which proposes a penalty of N20 million or 10 years imprisonment or each for Ponzi scheme operators.
The Director-General of SEC, Dr Emomotimi Agama, mentioned that the invoice additionally prescribed stringent jail phrases and different stiff sanctions for the promoters of ponzi schemes.
He mentioned that SEC launched an categorical prohibition of Ponzi/Pyramid schemes and different unlawful funding schemes to make sure that unlawful fund managers weren’t allowed to fleece unsuspecting Nigerians of their funds.
Mr Agama mentioned the fee had noticed areas which required evaluate within the ISB 2007 to strengthen present provisions, take away ambiguities, introduce new provisions that will improve the worldwide competitiveness of the Nigerian capital market.
The director-general added that the transfer was to reposition the market to catalyse nationwide financial transformation.
NAN
