The Securities and Exchange Commission (SEC) has issued a warning against Marino FX Limited, a company falsely claiming to be a SEC-licensed cryptocurrency exchange.
According to the SEC, Marino FX is neither registered nor authorized to operate in Nigeria’s capital market.
In a notice released on Wednesday, the Commission stated, “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.” It further described the company’s claims as false and misleading.
The SEC cautioned the public against engaging with Marino FX or its representatives, emphasizing the financial risks involved in dealing with unregistered entities, including fraud and potential loss of investments.
Separately, a public hearing on the proposed Investments and Securities Bill (ISB) 2024 introduced stiffer penalties for illegal investment schemes. The bill proposes fines of up to N20 million, 10 years imprisonment, or both for operators of Ponzi and pyramid schemes.
SEC Director-General Dr. Emomotimi Agama highlighted the bill’s goal to explicitly outlaw Ponzi schemes and protect Nigerians from financial exploitation. He noted that the reforms are part of SEC’s efforts to strengthen regulations, eliminate ambiguities, and enhance Nigeria’s capital market competitiveness.
“The proposed amendments are aimed at repositioning the market to drive national economic transformation,” Dr. Agama stated.
