The Securities and Exchange Commission (SEC) has issued a warning to the public against engaging in business with Marino FX Ltd., stating that the company is neither registered nor licensed to operate in Nigeria’s capital market. The caution was announced in a notice released on Wednesday in Lagos, urging investors to verify the legitimacy of firms before making financial commitments.
“We hereby notify the public that Marino FX Ltd., which has been parading itself as a SEC-licensed cryptocurrency exchange is NOT registered or licensed by 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 SEC is false and misleading.
“The commission thereby advised the public to exercise caution and refrain from engaging with Marino FX Ltd. or any of its representatives.
SEC further stated that transacting in the Nigerian capital market with unregistered and unregulated entities exposes investors to financial risks, which include fraud and the potential loss of investment.