The Securities and Exchange Commission (SEC) has alerted Nigerians against relying on Marino Limited for cryptocurrency trading.
SEC, in a statement, on Wednesday, said the trading platform, Marino, was not licensed to operate in any capacity in Nigeria’s capital market.
It stated that any claim made by the company regarding its license by SEC was false and misleading.
“The Securities and Exchange Commission (SEC) hereby notifies 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. Any claim to the public by the company of its registration or license by the SEC is false and misleading. 
“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,” it read.
The statement assured of SEC’s commitment to protect the country’s capital market from scams and other fraudulent activities.
“The SEC remains committed to protecting investors in the Nigerian Capital Market and is working diligently to curb scams and other fraudulent activities.
“For inquiries or to verify the status of any capital market operator, please contact the SEC,” the statement on its X handle added.
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