Nigeria’s SEC has issued a warning against cryptocurrency exchange, Marino FX Ltd, saying the company is not licensed and is misleading the public.
“The Securities and Exchange Commission (SEC) hereby notifies the public that Marino FX Ltd who is 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, including cryptocurrency exchanges,” said SEC Nigeria in a press release.
“Any claim to the public by the company of its registration or license by the SEC is false and misleading.”
Marino describes itself as a Nigerian-based cryptocurrency exchange dedicated to offering a secure, user-friendly platform for buying, selling, and trading cryptocurrencies. The business claims to have a business registration number 165327.
However, the SEC urged the public not to get involved in any business with Marino FX, pointing to risks of loss of investments and fraud.
“The public is hereby advised to exercise caution and refrain from engaging with Marino FX Ltd or any of its representatives. Transacting in the Nigerian capital market with unregistered and unregulated entities exposes investors to financial risks, including fraud and the potential loss of investment.”
SEC Nigeria granted regulatory approval to the first digital assets operators, including cryptocurrency exchanges, Busha and Quidax, under its Accelerated Regulatory Incubation Program (ARIP) in August 2024.
REGULATION | Nigerian Crypto Exchange, Quidax, Receives Provisional Operating License from SEC Nigeria
With the license granted by the Nigerian SEC, Quidax is now able to collaborate with banks and other financial institutions, subject to the Central Bank of Nigeria’s… pic.twitter.com/4gPpLyJi4z
— BitKE (@BitcoinKE) August 29, 2024
According to SEC Nigeria, the ‘Approval-in-Principle’ is a preliminary step toward full registration by the SEC ensuring that appropriate protection and transparency measures are in place for each product or service.
Meanwhile, the Economic and Financial Crimes Commission of Nigeria (EFCC Nigeria) has continued a crackdown against unregulated firms engaging in cryptocurrency business.
Earlier in November 2024, EFCC Nigeria secured a conviction against local cryptocurrency company, Plip Global Ventures, for unlawfully conducting USDT-to-Naira transactions without obtaining a banking license.
The conviction was handed down by the Federal High Court, Abuja, after Plip Global Ventures pleaded guilty to the charges, forfeiting N25 million (~$15,000) to the federal government.
REGULATION | #Nigeria Continues Crackdown Against Unlicensed Crypto Firms With Latest ~$15,000 Conviction
The ruling is the latest demonstration of the EFCC’s continued legal efforts to clamp down on unlicensed USDT-to-Naira transactionshttps://t.co/46P2ZarMK3 @officialEFCC pic.twitter.com/VH9ib7X2Pv
— BitKE (@BitcoinKE) November 19, 2024
In October 2024, two crypto firms:
Paparaxy Global Ventures Limited and
Lemskin Technologies Limited
forfeited N160,000,000 (~$97,500) to the federal government after being convicted for providing USDT to Naira exchanges without valid licenses.
[TECH] REGULATION | 2 Crypto Firms Forced to Surrender ~$100,000 as Nigeria Cracks Whip on Unlicensed Operators: Two crypto companies are the latest victims of Nigeria’s new crypto regulation regime. Accordi.. https://t.co/E3haNbL8GG via @BitcoinKE
— Top Kenyan Blogs (@Blogs_Kenya) October 27, 2024
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