Nigeria’s apex capital market regulator, the Securities and Exchange Commission (SEC) has warned the public against conducting any business with Marino FX Limited.
According to the Commission, Marino FX Limited, which claims to be a SEC-licensed cryptocurrency exchange, is neither registered nor authorized to operate in the Nigerian capital market.
In a notice by SEC in Abuja, it said: “We hereby notify the public that Marino FX Ltd, parading itself as a SEC-licensed cryptocurrency exchange, is NOT registered or licensed by the 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 the SEC is false and misleading.”
The SEC advised members of the public to exercise caution and avoid engaging with Marino FX Ltd or any of its representatives. The Commission emphasized that transacting with unregistered and unregulated entities in the capital market exposes investors to significant financial risks, including fraud and potential loss of investments.
In a related development, a public hearing was recently held on the proposed Investments and Securities Bill (ISB) 2024. The bill introduces stringent penalties, including a fine of N20 million, 10 years imprisonment, or both, for operators of Ponzi schemes.
Speaking at the event, SEC Director-General Dr. Emomotimi Agama explained that the bill aims to expressly prohibit Ponzi/pyramid schemes and other illegal investment practices. “This initiative is designed to prevent illegal fund managers from exploiting unsuspecting Nigerians and siphoning their hard-earned money,” Agama stated.
Dr. Agama noted that SEC had identified several areas for review in the existing Investments and Securities Act (ISA) 2007. The proposed changes aim to strengthen existing provisions, eliminate ambiguities, and introduce new measures to enhance the international competitiveness of Nigeria’s capital market.
“The proposed amendments are part of our broader efforts to reposition the market to catalyze national economic transformation,” he added.
