SEC warns investors on iBIedger, InksNation as illegal cryptocurrency operators

The Security and Exchange Commission (SEC), has warned investing public about the activities of iBIedger and InksNation as illegal blockchain operators.

This is part of measures by SEC that aims at safeguarding the investing public from the activities of illegal and fraudulent operators in the capital market.

The capital market regulating body in a statement said, “The attention of the Commission has been drawn to the activities of iBSmartify Nigeria the promoters of a Blockchain known as iBledger (iBcashcryptocurrency) and InksNation.

“The general public is hereby advised that neither the promoters of iBSmartify Nigeria nor the illegal products they offer are registered or regulated by the Commission.

“In view of the above, the general public is hereby WARNED that any person dealing with the said entity and others in the same business in any manner whatsoever does so at his/her own risk.”

SEC in 2017 had warned investing public to exercise extreme caution with regard to Bitcoin, cryptocurrencies and, other online currencies as a vehicle of investments

SEC had urged investors to confirm status of any financial institutions authorized by the Commission or other financial services regulatory authority.

SEC in a statement had said, “The attention of the Securities and Exchange Commission has been drawn to radio advertisements and other modes of solicitations of the public to invest in cryptocurrencies such as Swisscoin, OneCoin, Bitcoin and such other virtual or digital currencies.

“The public is hereby advised to exercise extreme caution with regard to digital (cryptocurrencies) as a vehicle of investments.

“This warning is in consonance with similar warnings issued by capital market regulators and Central Banks across the world over the past few years.

“The Commission wishes to alert the public that none of the persons, companies or entities promoting cryptocurrencies has been recognized or authorized 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.

“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, whilst others may be outright fraudulent pyramid schemes.”