The Securities and Exchange Commission (SEC) has cautioned Nigerians against conducting any transactions with Marino FX Limited, highlighting that the company is not authorized to operate within the country’s capital market.
In a public notice issued on Monday, SEC clarified that Marino FX Limited, which claims to be a licensed cryptocurrency exchange, is neither registered nor authorized by the commission to operate in any capacity. “The company’s claim of being licensed by SEC is false and misleading,” the commission emphasized.
SEC also warned that engaging with unregistered entities like Marino FX exposes investors to significant risks, including financial losses and fraud. The commission urged the public to exercise caution and avoid dealing with the company or its representatives.
The regulatory body reiterated its commitment to protecting investors while working to curb fraudulent activities in Nigeria’s capital market. It further highlighted that such measures are part of broader efforts to strengthen transparency and security in the financial sector.
In related developments, SEC recently held a public hearing on the proposed Investments and Securities Bill (ISB) 2024. The bill seeks to introduce harsher penalties for operators of illegal schemes such as Ponzi and pyramid schemes.
Dr. Emomotimi Agama, SEC’s Director-General, noted during the hearing that the proposed legislation would impose fines of up to ₦20 million or a 10-year jail term—or both—on offenders. He explained that the bill also aims to explicitly outlaw Ponzi and similar fraudulent schemes to protect Nigerian investors from exploitation.
Agama added that the 2024 bill incorporates revisions to the ISB 2007, focusing on strengthening existing provisions, removing ambiguities, and enhancing the global competitiveness of Nigeria’s capital market.
With these measures, SEC hopes to create a safer investment environment and deter bad actors from exploiting unsuspecting individuals in the financial sector.
