The Securities and Exchange Commission (SEC) has cautioned the public against conducting business with Marino FX Ltd., saying the company is not registered or licensed to operate in Nigeria’s capital market.
The commision gave the warning in a notice on Wednesday in Lagos.
“We hereby notify the public that Marino FX Ltd., who has been parading itself as a SEC licensed cryptocurrency exchange, is NOT registered or licensed by SEC to operate in any capacity in the Nigerian capital market, including cryptocurrency exchanges.
“Any claim to the public by the company of its registration or license by SEC is false and misleading.
“The commission, thereby, advised the public to exercise caution and refrain from engaging with Marino FX Ltd. or any of its representatives.
SEC further stated that transacting in the Nigerian capital market with unregistered and unregulated entities exposes investors to financial risks, which include fraud and the potential loss of investment.
The commission expressed commitment to protecting investors in the Nigerian capital market, while working diligently to curb scams and other fraudulent activities.
The commission noted that a public hearing was held on the proposed Investments and Securities Bill (ISB) 2024 , which proposes a penalty of N20 million or 10 years imprisonment or both for Ponzi scheme operators.
The Director-General of SEC, Dr Emomotimi Agama, said that the bill also prescribed stringent jail terms and other stiff sanctions for the promoters of ponzi schemes.
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 said 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.
The director-general added that the move was to reposition the market to catalyse national economic transformation.
