‘Beware Of Bitcoin, Swisscoin, Others’ – SEC Warns Nigerians

The Securities and Exchange Commission, on Thursday said its attention
had been drawn to radio advertisements and other modes of
solicitations of the public to invest in crypto currencies such as
Swisscoin, OneCoin, Bitcoin and such other virtual or digital currencies.

SEC, therefore, advised the public to exercise extreme caution with
regard to digital (crypto currencies) as a vehicle of investments.
This warning was in consonance with similar warnings issued by capital
market regulators and central banks across the world over the past few
years, the regulator said in a post on its website.
Warning the public, the commission, thus, stressed that none of the
persons, companies or entities promoting crypto currencies had been
recognised or authorised by it or by other regulatory agencies in Nigeria
to receive deposits from the public or to provide any investment or
other financial services in or from Nigeria.
SEC had in August this year, raised the alarm over the activities of an
online investment scheme tagged ‘MMM Federal Republic of Nigeria.
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“The public should also be aware that any investment
opportunities promoted by these persons, companies or
entities are likely to be of a risky nature with a high
risk of loss of money, while others may be outright
fraudulent pyramid schemes,” the regulator noted.
“Given that these instruments and the persons,
companies or entities that promote them have neither
been authorised, nor any guidelines/regulations
developed for them by any of the regulatory authorities
in Nigeria, there is no protection available to users or
investors in these virtual currencies from financial
losses if the virtual currencies fail or the companies
promoting them go out of business.
“The public and consumers of financial services are
further advised that before making any investment or
entering into any financial services transaction they
should ascertain that the entity with whom the
investment or transaction is being made is authorised
by the commission or other financial services regulatory
authority as applicable to provide such services.”