Marino FX is illegal operator in capital market, says Nigeria's SEC

Marino FX is illegal operator in capital market, says Nigeria’s SEC

Securities and Exchange Commission (SEC)

The Securities and Exchange Commission (SEC) has notified 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.

According to SEC in a recent notice, “Any claim to the public by the company of its registration or license by the SEC is false and misleading”.

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“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,” the SEC further said.

The SEC noted that it remains committed to protecting investors in the Nigerian Capital Market and is working diligently to curb scams and other fraudulent activities.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).

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