Warning Issued by Nigerian Securities Regulatory Body on Unauthorized Cryptocurrency Promotion

**Nigerian SEC Warns Influencers of New 3-Year Jail Term for Promoting “Unlicensed” Crypto**

The Securities and Exchange Commission (SEC) in Nigeria has issued a stern warning to social media influencers, celebrities, and content creators about the consequences of promoting unregistered or unauthorized cryptocurrency investment schemes.

In a statement, the regulatory body emphasized that any individual found guilty of advertising or promoting such “unlicensed” crypto investments could face up to three years’ imprisonment. This drastic measure is aimed at curbing the proliferation of Ponzi schemes and fraudulent activities in the cryptocurrency space.

According to reports, the SEC has been under increasing pressure to crack down on the numerous unregistered crypto platforms and investment products that have flooded the market. The agency’s warning serves as a clear indication that it will not tolerate any further laxity or failure by influencers, celebrities, or content creators to verify the legitimacy of such schemes before promoting them.

The new rule is seen as a bold step towards protecting Nigerian investors from falling prey to deceitful crypto investment opportunities. It emphasizes the importance of ensuring the credibility and legitimacy of any cryptocurrency-related investments before endorsing them to the public.

Influencers, celebrities, and content creators are advised to be cautious when promoting cryptocurrencies and ensure that they meet certain criteria set by regulatory bodies like the SEC before sharing information with their audience.

The agency has also urged investors to remain vigilant and not fall prey to unscrupulous operators who may promise unsustainable returns on investments.

It is essential for influencers, celebrities, and content creators to be aware of the risks associated with promoting unregistered or unauthorized crypto investments.

Source: cryptoslate.com