Protect Your Money! SEC Flags Marino FX As Risky
The Securities and Exchange Commission, SEC, has issued a warning to the general public not to transact any business with Marino Fx Limited. The commission has not registered the company to operate in any capacity in the Nigerian capital Market.
In a notice the commission issued yesterday the commission stated that “We hereby notify 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.
The went further to say any claim to the public by the company of its registration or license by the SEC is false and misleading. The Commission thereby advised the public to exercise caution and refrain totally from engaging with them. SEC further went ahead to to state that transacting in the Nigeria capital market with unregistered and unregulated entities exposes investors to financial risk, which also include fraud and potential loss of thier investment.
Last week, 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.
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