Nigeria SEC Warns Public Against Activities Of Illegal Blockchain Operator

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • The SEC (Security and Exchange Commission) Nigeria has cautioned the investors and the stakeholder public about the activities of IBSmartify Nigeria.
  • As per the regulator, the activities of IBSmartify are not registered or regulated by the commission.
  • However, the investing public is consistently cautioned by the SEC. Against dealing with false and unauthorized investment plans and capital market operators.

The SEC (Security and Exchange Commission) Nigeria has cautioned the investors and the stakeholder public about the activities of IBSmartify Nigeria. The latter is the promoters of a blockchain iBledger and InksNation.

SEC Circular Reveals The Illegal Activities of IBSmartify

As per the regulator, the activities of IBSmartify are not registered or regulated by the commission. The following information was disclosed in a circular, on June 26, 2020. That was released by the SEC pointing out the investors and capital market operators.

However, the investing public is consistently cautioned by the SEC. Against dealing with false and unauthorized investment plans and capital market operators. Particularly, dealing with false investment schemes and bogus return claims.

In 2019, the SEC freezes the bank accounts of some Ponzi scheme operators. And taking control of the real estate properties connected to them.

Moving on further, the Commission has been monitoring the activities of the promoters of a Blockchain known as iBledger (iBcashcryptocurrency) iBSmartify Nigeria and InksNation. Thus, the public has been informed that the promoters are not concerned with iBSmartify Nigeria. Also, The Commission verified that the illegal products offer by them are not enrolled or managed by the Commission.

Nigerian Investors Suffering From Losses Due To Crypto Scams

This is not the first time in Nigeria where the public has incurred losses due to crypto scams. Further, before making any investment decisions, investors were cautioned to make thorough inquiries. Or look for the administrations of professional counsels.

From a few years, the interest has upsurge in the public to invest in blockchain technology. With respect to this, the SEC is now following stricter control measures and guidelines for securing the investments as well as interest of the investors.

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