SEC Raises Alarm Over Operation of Marino FX in Capital Market

• The Securities and Exchange Commission has cautioned the public and investors against doing business with Marino FX Ltd
• According to SEC, the company is neither registered nor given permission to engage in any kind of capital market activity in Nigeria
• Additionally, the commission advised investors not to deal with Marino FX Ltd. or any of its representatives

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Investors and the public have been warned by the Securities and Exchange Commission not to do business with Marino FX Ltd., which is posing as an SEC-licensed cryptocurrency exchange.

Marino FX Ltd is neither registered nor permitted by the SEC to operate in the Nigerian capital market in any capacity, including cryptocurrency exchange services, the regulator said in a statement posted on the commission website on Wednesday.

“Any claim to the public by the company of its registration or license by the SEC is false and misleading,” the SEC said.

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The commission also cautioned investors against doing business with Marino FX Ltd. or its agents, pointing out that doing business with unregistered companies exposes them to serious dangers, including as fraud and possible loss of investment.

“The public is hereby advised to exercise caution and refrain from engaging with Marino FX Ltd,” the SEC added.

The SEC reaffirmed its dedication to protecting investors and maintaining the integrity of the capital market in Nigeria.

Earlier, Legit.ng reported that In a landmark move, the Nigerian government, via the Securities and Exchange Commission (SEC), has officially granted operational approvals to many crypto operators, showing acceptance of the digital currency.

SEC to sanction Nigerian banks over incomplete applications

Legit.ng reported that a framework to help the Central Bank of Nigeria (CBN) in its efforts to strengthen the nation's banking industry has been made available by the Securities and Exchange Commission (SEC).

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The framework, posted on the SEC website on Friday, attempts to guarantee a seamless, open, and effective capital-raising procedure for banks and holding companies participating in the CBN's bank recapitalization initiative.

During the 2024–2026 recapitalisation phase, the framework will offer banks principles and processes for raising capital through private placements, rights issuing, and other permissible ways.

Source: Legit.ng