The
attention of the Securities and Exchange Commission, (the 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
(crypto currencies) 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.
Given
that these instruments and the persons, companies or entities that promote them
have neither been authorized, 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 authorized by the Commission or other financial services
regulatory authority as applicable to provide such services.
Signed
Management
12th January,
2017
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