SEC Warns Investors Against Engaging with Marino FX Limited

SEC Cautions Public Against Engaging with Marino FX Limited

The Securities and Exchange Commission (SEC) has issued a warning to the public, advising them to avoid any transactions with Marino FX Limited. The Commission clarified that the company is not registered to operate within Nigeria’s capital market in any capacity.

In an announcement released yesterday, the SEC stated, “We hereby notify the public that Marino FX Ltd, which claims to be a SEC-licensed cryptocurrency exchange, is NOT registered or licensed by the SEC to operate within the Nigerian capital market, including as a cryptocurrency exchange.”

The SEC emphasized that any assertions made by Marino FX Ltd regarding its registration or licensing by the Commission are inaccurate and misleading. Furthermore, the SEC urged the public to exercise caution and refrain from dealings with Marino FX Ltd or its representatives.

The Commission highlighted the significant risks associated with transacting in the Nigerian capital market with unregistered and unregulated entities, including potential financial fraud and loss of investments. SEC reiterated its commitment to protecting investors and combating scams and fraudulent activities.

Last week, a public hearing took place regarding the proposed Investments and Securities Bill (ISB) 2024. This new legislation includes severe penalties of up to N20 million or 10 years in prison, or both, for operators of Ponzi schemes.

During the hearing, Dr. Emomotimi Agama, the Director-General of SEC, stated that the bill proposes stringent jail terms and other harsh sanctions for individuals promoting Ponzi schemes. The SEC has introduced a clear prohibition against Ponzi and pyramid schemes to safeguard unsuspecting Nigerians from fraudulent investment managers.

Dr. Agama noted that the Commission has identified areas within the ISB 2007 that require updates to enhance current regulations, remove ambiguities, and introduce new provisions aimed at improving the competitiveness of Nigeria’s capital market on an international scale.