The Securities and Exchange Commission (SEC) has warned investors and the public against transacting with Marino FX Ltd, a company falsely claiming to be a licensed cryptocurrency exchange.
In a statement on its website, the SEC clarified that Marino FX Ltd is neither registered nor licensed to operate in the Nigerian capital market. “Any claim to the public by the company of its registration or license by the SEC is false and misleading,” the regulator stated.
The SEC cautioned that engaging with unregistered entities like Marino FX Ltd exposes investors to risks such as fraud and loss of funds. “The public is hereby advised to exercise caution and refrain from engaging with Marino FX Ltd,” the statement added.
As part of its commitment to protecting investors and ensuring the integrity of Nigeria’s capital market, the SEC has proposed stricter penalties under the draft Investments and Securities Bill 2024.
Speaking at a public hearing, SEC Director-General Emomotimi Agama announced that the proposed legislation includes a fine of ₦20 million, 10 years imprisonment, or both for operators of Ponzi schemes. Agama explained that the bill explicitly prohibits Ponzi and pyramid schemes to safeguard Nigerians from fraudulent fund managers.
“The proposed amendments aim to strengthen regulatory frameworks, eliminate ambiguities, and enhance the global competitiveness of Nigeria’s capital market,” Agama said, adding that these changes would support the country’s economic transformation.
The SEC also reaffirmed its commitment to tackling fraud, money laundering, and market manipulation in the rapidly growing cryptocurrency sector, emphasizing the need for robust regulations to protect investors and foster confidence in the financial system.
