The Nigerian securities regulator has flagged six online trading platforms for operating in the country without permission. Securities and Exchange Commission (SEC) included The platforms in a recent statement posted on its website.
According to the regulators, the platforms are Prime Invest (with its websites https://webtrader.pinvest.cc/), FXBoxed (with its websites https://account.fxboxed.com/), New Finance LLC and New FX Limited (with its www .newfx.us). The other three platforms are Axi24 (with websites http://www.axi24.com/), Evolve Consulting LCC (with websites https://capitalbiz.ltd and https: webtrader.c-base.co) and Trust Fund- Mining Global Pty Ltd. (with the website www.trustfund-mining.com).
finance poles It reported that the Italian Commission of Companies and Stock Exchanges (CONSOB) warned against these platforms in March, stating that five of them are illegal financial broker sites, and one of them offers financial products without any prospectus.
And the Saudi Electricity Company warned in the statement that “members of the public are advised to adopt the greatest caution in making investment choices.” “In light of the foregoing, the public is hereby cautioned that anyone transacting with the aforementioned e-commerce websites does so at their own risk.”
Meanwhile, the Nigerian Securities Supervisory Authority also recently Nigerian investors beware Against five other e-commerce websites that were flagged by CONSOB as unauthorized and fraudulent financial service providers.
According to the Nigeria SEC, the platforms are CMS Ltd (capmarketstrategy.io, with its page https://client.capmarketstrategy.io); Bitsterzio (with website https://www.bitsterzio.com); and Invest Atlas (with website, https://investatlas.co).
The other two are: Ether-Arena Ltd (which operates the website www.ether-arena.com); and Ether-Arena Ltd (https://veneab.co, with its page: https://clientzone,vineab.com).
“The Commission also wishes to bring to the attention of the Nigerian investment public that the aforementioned e-commerce websites are not registered by SEC Nigeria and the financial services offered by these e-commerce websites are also not authorized by the SEC,” the IAEA noted.
Around the world, other regulators are also actively working to flag illegal trading platforms. Late last month, the National Commission of the Stock Market (CNMV), the Spanish financial regulator, issued a warning against six unregistered entities including Copy Pepperstone and FXPRIMUS.
In early April, the UK’s Financial Conduct Authority also warned against two forex/CFD trading platforms Saxo 24 FX and One Zero Trade. The watchdog said both platforms target UK investors without authorizing them to operate in the country.
The Nigeria SEC is considering allowing asset-backed tokens
Meanwhile, Small Enterprise Nigeria is considering penalizing offerings of tokens backed by assets such as equity and debt, bloomberg reported on Monday, indicating that the offerings will be traded on licensed digital exchanges. However, the cryptocurrency is not on offer, the outlet reported, citing Abdelkader Abbas, head of securities and investment services at the Nigerian Securities Regulatory Authority.
As part of the plan, the SEC also plans digital exchanges interested in undergoing a year of “regulatory custody” with limited services to decide whether to annex the company or cease operations in Africa’s most populous country.
The latest news comes months after the Low Chamber in Nigeria introduced a bill to legalize cryptocurrencies as investment capital. finance poles I also mentioned that the Securities and Exchange Commission in May last year ruled cryptocurrencies as securities and issued new rules regarding the issuance, offering and preservation of digital assets.
However, Nigeria’s main monetary authority has yet to back down from the tacit ban it imposed on cryptocurrencies years ago. In February 2021, the Central Bank of Nigeria ordered commercial banks in the country to close the accounts of cryptocurrency merchants in the country. To implement the order, the authority earlier in April last year imposed a fine of 814.3 million naira (nearly $2 million at the time) on four commercial lenders for allowing cryptocurrency transactions.
The Nigerian securities regulator has flagged six online trading platforms for operating in the country without permission. Securities and Exchange Commission (SEC) included The platforms in a recent statement posted on its website.
According to the regulators, the platforms are Prime Invest (with its websites https://webtrader.pinvest.cc/), FXBoxed (with its websites https://account.fxboxed.com/), New Finance LLC and New FX Limited (with its www .newfx.us). The other three platforms are Axi24 (with websites http://www.axi24.com/), Evolve Consulting LCC (with websites https://capitalbiz.ltd and https: webtrader.c-base.co) and Trust Fund- Mining Global Pty Ltd. (with the website www.trustfund-mining.com).
finance poles It reported that the Italian Commission of Companies and Stock Exchanges (CONSOB) warned against these platforms in March, stating that five of them are illegal financial broker sites, and one of them offers financial products without any prospectus.
And the Saudi Electricity Company warned in the statement that “members of the public are advised to adopt the greatest caution in making investment choices.” “In light of the foregoing, the public is hereby cautioned that anyone transacting with the aforementioned e-commerce websites does so at their own risk.”
Meanwhile, the Nigerian Securities Supervisory Authority also recently Nigerian investors beware Against five other e-commerce websites that were flagged by CONSOB as unauthorized and fraudulent financial service providers.
According to the Nigeria SEC, the platforms are CMS Ltd (capmarketstrategy.io, with its page https://client.capmarketstrategy.io); Bitsterzio (with website https://www.bitsterzio.com); and Invest Atlas (with website, https://investatlas.co).
The other two are: Ether-Arena Ltd (which operates the website www.ether-arena.com); and Ether-Arena Ltd (https://veneab.co, with its page: https://clientzone,vineab.com).
“The Commission also wishes to bring to the attention of the Nigerian investment public that the aforementioned e-commerce sites are not registered by SEC Nigeria and the financial services offered by these e-commerce sites are also not authorized by the SEC,” the IAEA noted.
Around the world, other regulators are also actively working to flag illegal trading platforms. Late last month, the National Commission of the Stock Market (CNMV), the Spanish financial regulator, issued a warning against six unregistered entities including Copy Pepperstone and FXPRIMUS.
In early April, the UK’s Financial Conduct Authority also warned against two forex/CFD trading platforms Saxo 24 FX and One Zero Trade. The watchdog said both platforms target UK investors without authorizing them to operate in the country.
The Nigeria SEC is considering allowing asset-backed tokens
Meanwhile, Small Enterprise Nigeria is considering penalizing offerings of tokens backed by assets such as equity and debt, bloomberg reported on Monday, indicating that the offerings will be traded on licensed digital exchanges. However, the cryptocurrency is not on offer, the outlet reported, citing Abdelkader Abbas, head of securities and investment services at the Nigerian Securities Regulatory Authority.
As part of the plan, the SEC also plans digital exchanges interested in undergoing a year of “regulatory custody” with limited services to decide whether to annex the company or cease operations in Africa’s most populous country.
The latest news comes months after the Low Chamber in Nigeria introduced a bill to legalize cryptocurrencies as investment capital. finance poles I also mentioned that the Securities and Exchange Commission in May last year ruled cryptocurrencies as securities and issued new rules regarding the issuance, offering and preservation of digital assets.
However, Nigeria’s main monetary authority has yet to back down from the tacit ban it imposed on cryptocurrencies years ago. In February 2021, the Central Bank of Nigeria ordered commercial banks in the country to close the accounts of cryptocurrency merchants in the country. To implement the order, the authority earlier in April last year imposed a fine of 814.3 million naira (nearly $2 million at the time) on four commercial lenders for allowing cryptocurrency transactions.
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