Illegal crypto exchange operating in Nigeria

Nigeria's Securities and Exchange Commission (SEC) has issued a warning about the crypto exchange Marino FX Ltd, which falsely claims to have received regulatory approval to operate in the country, according to a press release from the SEC.

The commission stated that Marino FX Ltd is not registered with the SEC and does not hold a license to operate in the Nigerian market. As a result, the firm is not authorized to provide any financial services to citizens, including cryptocurrency trading. The regulator urged investors to avoid conducting transactions with Marino FX Ltd or engaging with its representatives.

“Any claims by Marino FX Ltd about being registered or licensed by the SEC are false and misleading. Traders should exercise caution and refrain from cooperating with Marino FX Ltd,” the SEC stated.

This comes as Nigeria has introduced a new Investment and Securities Bill, which imposes penalties for crypto-related fraud, including fines of 20 million Nigerian naira (approximately $11,580) and up to 10 years in prison.