SEC Warns Against Marino FX Ltd, Proposes Tough Penalties for Fraudulent Schemes

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The Securities and Exchange Commission (SEC) has issued a stern warning to investors and the public against engaging with Marino FX Ltd, a company falsely claiming to be an SEC-licensed cryptocurrency exchange.

In a statement published on Wednesday via its official website, the SEC clarified that Marino FX Ltd is neither registered nor authorized to operate in the Nigerian capital market, including offering cryptocurrency exchange services.

“Any claim to the public by the company of its registration or license by the SEC is false and misleading,” the regulator stated, urging investors to steer clear of the company and its representatives.

The SEC warned that transacting with unregistered entities like Marino FX Ltd poses significant risks, including potential fraud and loss of investment. It reiterated its commitment to safeguarding investors and maintaining the integrity of Nigeria’s capital market.

Additionally, the SEC is proposing strict measures under the draft Investments and Securities Bill 2024, including fines of up to ₦20 million, 10 years imprisonment, or both, for operators of Ponzi schemes.

Speaking at a public hearing on the bill, SEC Director-General Emomotimi Agama highlighted the need for stringent penalties to combat fraudulent investment schemes. He stated that the proposed legislation aims to strengthen regulatory frameworks, protect Nigerians from illegal fund managers, and boost the global competitiveness of the Nigerian capital market.

“Our goal is to ensure the market can drive national economic transformation,” Agama stated.

The SEC reiterated its commitment to safeguarding investors and cracking down on fraud, money laundering, and market manipulation, particularly within Nigeria’s evolving cryptocurrency sector

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