The Securities and Exchange Commission (SEC) has warned that Marino FX Limited is not licensed to operate in the Nigerian capital market.
In a statement on Wednesday, the commission urged Nigerians to exercise caution and avoid engaging with the company or its representatives.
“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,” the statement reads.
“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.”
The SEC said transacting with unregistered and unregulated entities in the capital market exposes investors to financial risks, including fraud and potential loss of investment.
The commission reiterated its commitment to protecting investors in the Nigerian capital market, pledging to work diligently to curb scams and other fraudulent activities.
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The SEC also encouraged investors to verify the status of any capital market operator through the SEC’s official channels before engaging in financial transactions.
On November 11, Marino FX launched a platform ‘Marino X’ to support both new and experienced traders, intending to foster a safe and compliant environment for digital asset transactions.
The company invited investors, crypto enthusiasts and the broader public “to join the platform and experience the benefits of a regulated, secure, and innovative trading environment”.
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