Steer Clear Of Marino FX, SEC Warns Investors

The Securities and Exchange Commission (SEC) has warned the public not to transact any business with Marino FX Limited as the company is not registered by the Commission or to operate in any capacity in the capital market in Nigeria.

This was contained in a notice by the SEC yesterday in Abuja. The notice said “we hereby notify the public that Marino FX Limited 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.

“Any claim to the public by the company of its registration or license by the SEC is false and misleading.”
The Commission advised the public to exercise caution and refrain from engaging with Marino FX or any of its representatives, stating that 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 expressed its commitment to protecting investors in the Nigerian Capital Market while working diligently to curb scams and other fraudulent activities.

Recall that a public hearing was held on the proposed Investments and Securities Bill (ISB) 2024 which proposes a penalty of N20 million- or 10-years imprisonment or both for Ponzi scheme operators.
The director-general of SEC, Dr Emomotimi Agama said that the bill also prescribed stringent jail terms and other stiff sanctions for the promoters of Ponzi schemes.

He said that the SEC introduced an express prohibition of Ponzi/Pyramid Schemes and other illegal investment schemes to ensure that illegal fund managers were not allowed to fleece unsuspecting Nigerians of their funds.

Agama said the commission had observed areas which required review in the ISB 2007 to strengthen existing provisions, remove ambiguities, introduce new provisions that would enhance the international competitiveness of the Nigerian capital market, saying that the move was to reposition the market to catalyse national economic transformation.