The Securities and Exchange Commission (SEC) has issued a stern warning to celebrities and influencers against endorsing or promoting unregistered digital asset platforms and meme coins.
SEC’s statement comes amid the sudden closure of CBEX crypto trading platform.
It was reported earlier today that aggrieved ‘investors’ reportedly looted the office of Smart Treasure (ST Team), an arm of the CBEX in the Oke Ado axis of Ibadan, the Oyo state capital.
Although the police have yet to release an official statement, TheCable understands that the incident took place on Monday evening after users lost access to their funds.
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Addressing the promotion of unregistered digital asset platforms and meme coins. Emomotimi Agama, director-general (DG) of SEC, cited the provisions of the Investments and Securities Act 2025 recently signed by President Bola Tinubu.
Agama said the Act has established clear rules and regulations for digital asset platforms, including registration requirements to promote transparency and trust.
He said the registration allows the SEC to crack down on illicit activities, such as ponzi schemes, pump and dump tokens, and unregistered exchanges, creating a safer environment for investors.
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“It is important that even for celebrities, we must be cautious around what we do. Becoming influencers or introducing meme coins that do not mean well for the generality of Nigerians are not going to be tolerated,” Agama warned.
“The ISA 2025 is intended to promote FinTech growth and innovation, specifically within the Digital Asset space, while ensuring regulatory compliance.
“However, I want to say this very clearly. If it is not registered, it is illegal. The law will be enforced.”
Agama said everyone who is going to be involved in the space must endeavour to fulfil the requirements of the law.
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