The Securities and Exchange Commission (SEC) has discredited Marino FX Limited, a company falsely claiming to be an SEC-licensed cryptocurrency exchange in Nigeria. In an official statement, the SEC confirmed that Marino FX is neither registered nor authorized to operate in the country’s capital market, including cryptocurrency trading. The Commission warned that any assertions by the company regarding its SEC registration are fraudulent and misleading.
In its notice, the SEC urged the public to avoid dealings with Marino FX or its representatives, emphasizing the risks of engaging with unregistered entities. These risks include financial fraud and potential loss of investment. The regulator reiterated its commitment to protecting investors and maintaining the integrity of the Nigerian capital market, signaling a continued crackdown on fraudulent operators like Marino FX.
This incident comes as the SEC works to strengthen its regulatory framework. A new Investments and Securities Bill (ISB) 2024 proposes harsh penalties, including fines of up to ₦20 million and jail terms of up to 10 years for Ponzi scheme promoters. SEC Director-General Emomotimi Agama highlighted these measures during a recent public hearing, stressing the importance of protecting Nigerians from illegal investment schemes and enhancing the competitiveness of the Nigerian capital market.
