The Securities and Exchange Commission (SEC) has cautioned the public against conducting business with Marino FX Ltd, emphasizing that the company is not registered or authorized to operate in Nigeria’s capital market.
In a statement released Wednesday in Abuja, the SEC clarified that Marino FX Ltd, which presents itself as a SEC-licensed cryptocurrency exchange, is neither registered nor licensed by the Commission for any activities within the capital market, including cryptocurrency trading.
The SEC described claims of registration or licensing by Marino FX Ltd as false and misleading, urging the public to avoid engaging with the company or its representatives.
The Commission highlighted the dangers of dealing with unregulated entities, stating, “Engaging in transactions with unregistered operators exposes investors to significant financial risks, including fraud and potential loss of investments.”
SEC reaffirmed its commitment to protecting investors and curbing fraudulent activities in the Nigerian capital market. For verification of any operator’s registration status, the public is advised to contact the SEC via +2342094621168-9, registration@sec.gov.ng, or visit https://sec.gov.ng/cmos/.
In related developments, SEC recently held a public hearing on the proposed Investments and Securities Bill (ISB) 2024. The bill recommends severe penalties for Ponzi scheme operators, including a fine of ₦20 million, 10 years imprisonment, or both.
SEC Director-General Dr. Emomotimi Agama explained that the proposed bill includes explicit prohibitions against Ponzi schemes and other illegal investment activities, aiming to protect Nigerians from fraudulent fund managers while enhancing the competitiveness of the Nigerian capital market.
