The Securities and Exchange Commission (SEC) has issued a public notice disowning Marino FX Limited, a company claiming to be a SEC-licensed cryptocurrency exchange.
According to the regulatory body, Marino FX is neither registered nor authorized to operate in any capacity within Nigeria’s capital market, including the facilitation of cryptocurrency trading.
In a recent notice, the SEC clarified, “Any claim to the public by the company of its registration or license by the SEC is false and misleading.”
The Commission also urged the public to avoid engaging with Marino FX or its representatives. “Transacting in the Nigerian capital market with unregistered and unregulated entities exposes investors to financial risks, including fraud and the potential loss of investment,” the SEC emphasized.
The SEC reaffirmed its commitment to safeguarding investors and combating fraudulent activities in the Nigerian capital market. This recent clamp down on Marino FX demonstrates that the regulator continues to enhance measures aimed at protecting the integrity of the market and reducing exposure to scams.
Recently, a public hearing was held on the proposed Investments and Securities Bill (ISB) 2024 which proposes a penalty of N20million or 10-years imprisonment or both for Ponzi scheme operators.
Emomotimi Agama, the Director-General of SEC, while speaking at the event, said that the bill also prescribed stringent jail terms and other stiff sanctions for the promoters of Ponzi operator.
He said that SEC introduced an express prohibition of Ponzi/Pyramid Schemes and other illegal investment schemes to ensure that illegal fund managers were not allowed to fleece unsuspecting Nigerians of their funds.
Agama added that the commission had observed areas which required review in the ISB 2007 to “strengthen existing provisions, remove ambiguities, introduce new provisions that would enhance the international competitiveness of the Nigerian capital market.”