Warning Issued by Nigerian Securities and Exchange Commission Regarding Unlicensed Cryptocurrencies
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2 min read
Title: Nigeria’s Securities and Exchange Commission Warns Influencers of 3-Year Jail Term for Promoting ‘Unlicensed’ Crypto
Nigeria’s securities regulator has issued a stern warning to social media influencers and promoters of cryptocurrencies, stating that they will face a three-year jail term if found guilty of promoting “unlicensed” digital assets.
According to reports, the Nigerian Securities and Exchange Commission (SEC) made this announcement in a statement released on Friday. The regulatory body emphasized that it is committed to protecting investors from the risks associated with unregulated crypto activities.
“We urge all influencers, content creators, and promoters of cryptocurrencies to be cautious and only promote licensed digital assets,” warned Oluwapelumi, Editor at CryptoSlate. “The Nigerian SEC will not hesitate to take action against anyone found guilty of promoting ‘unlicensed’ cryptos.”
This development comes as a significant warning to the growing crypto community in Nigeria, which has seen rapid adoption and investment in recent years. The country’s financial system is heavily dependent on cash transactions, but the increasing popularity of cryptocurrencies has led to concerns about regulation and investor protection.
In response to these concerns, the Nigerian SEC has intensified efforts to regulate the cryptocurrency space. In a separate statement, Liam ‘Akiba’ Wright, Editor-in-Chief at CryptoSlate, noted that “the regulatory landscape is ever-changing, and it’s essential for stakeholders to stay informed and compliant with existing regulations.”
The Commission has been actively monitoring online activities and warning individuals who promote unlicensed digital assets. This move aims to protect investors from falling prey to fraudulent schemes and ensure a safe and secure environment for all parties involved.
As the crypto space continues to evolve, it is crucial that regulators work closely with stakeholders to create an enabling environment for innovation while protecting consumers’ interests.
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Source: cryptoslate.com
