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Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians - Business - Nairaland

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U.S SEC Warns Bitcoin, Cryptocurrency Investors At Risk / ‘Anyone Caught Abusing The Naira Will Face Jail Terms’ – CBN Warns Nigerians / 'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians, Calls It "Wonder Bank" (2) (3) (4)

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Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by Truth234(m): 5:21am On Jan 13, 2017
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 cryptocurrencies 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 (cryptocurrencies) 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 cryptocurrencies 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.

“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.

The SEC added, “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.”

SEC had in August this year, raised the alarm over the activities of some online fraudsters, who operated an online investment scheme tagged ‘MMM Federal Republic of Nigeria.’

The fraudsters, SEC said then, carried out their illegitimate business via Nigeria. portal/platform, and were promising investors a monthly investment return of 30 per cent.

It warned that the venture had no tangible business model, describing it as a Ponzi scheme, where returns would be paid from other people’s invested funds.

The commission, therefore, advised the general public to distance themselves from the online scheme, adding, “Please note that anyone that subscribes to this illegal activity does so at their own risk.”

The scheme in December last year, went under, leaving many Nigerians in pains following huge financial losses.

http://investorsking.com/beware-of-bitcoin-swisscoin-others-sec-warns-nigerians/

2 Likes

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by Adesiji77: 5:50am On Jan 13, 2017
Watching in 3D cool

5 Likes

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by IVORY2009(m): 5:53am On Jan 13, 2017
those who have ears, let them hear, and those who have eyes let them see, liberty reserve loading....

25 Likes 1 Share

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by diportivo: 5:56am On Jan 13, 2017
We nor dey hear word for this country na

SEC,nor bother una sef

18 Likes 1 Share

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by ademasta(m): 6:09am On Jan 13, 2017
SECcoin nko? So bitcoin is also a scam to SEC? Mtcheew

16 Likes 2 Shares

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by Nobody: 6:46am On Jan 13, 2017
grin grin grin grin
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by petrov10: 6:55am On Jan 13, 2017
this happens when we have a govt that can't follow new trends
no wonder naira value is in a cesspit

78 Likes 6 Shares

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by budosky(m): 6:58am On Jan 13, 2017
This govt no sabi anything

54 Likes 2 Shares

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by dhardline(m): 7:06am On Jan 13, 2017
Same thing happened to liberty reserve some years back and a lot of people around the world lost money in it. Nigerians should be extra careful of this things.

20 Likes 1 Share

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by opalu: 7:14am On Jan 13, 2017
Double wahala for MMM

3 Likes 1 Share

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by hobermener: 7:14am On Jan 13, 2017
Bitcoin na mmm junior brother grin grin

19 Likes

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by free2ryhme: 7:14am On Jan 13, 2017
They will never listen

Just like MMM

21 Likes

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by obembet(f): 7:15am On Jan 13, 2017
They don start again

10 Likes

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by Onukube1(f): 7:15am On Jan 13, 2017
Noted

1 Like

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by 9jayes: 7:15am On Jan 13, 2017
It's better to beware of Buhari dan all these

17 Likes

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by lifestyle1(m): 7:15am On Jan 13, 2017
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by Masquerade7: 7:15am On Jan 13, 2017
And today is 13th January.
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by adioolayi(m): 7:15am On Jan 13, 2017
No need... make quick money.. invest in Okuta coin

1 Like

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by NNVanguard(m): 7:16am On Jan 13, 2017
Somebody will ask SEC, IS IT YOUR MONEY? WHO YOU EPP?
But will come online to rant for business loss

14 Likes

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by Bigajeff(m): 7:16am On Jan 13, 2017
coin
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by princejayboss: 7:16am On Jan 13, 2017
This can simply show you why the nation economy is taking a nose dive....

Why can't we employ young people who understand the economics of this day

6 Likes

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by casttlebarbz(m): 7:17am On Jan 13, 2017
trumpcoin grin

4 Likes

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by vanshwerz: 7:17am On Jan 13, 2017
The issue of cryptocurrency is becoming alarming and in short it's a fraud at it infant.watch out ...you won't understand now until after WW3
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by FuckTheMod: 7:18am On Jan 13, 2017
I have issued several warnings against that nonsense bitcoin
The way it would shock the world... .


I won't even buy one bitcoin for 10 naira


Nonsense

4 Likes

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by NNVanguard(m): 7:18am On Jan 13, 2017
IVORY2009:
those who have ears, let them hear, and those who have eyes let them see, liberty reserve loading....

You weren't a victim of liberty reserve crash few years ago?
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by symbianDON(m): 7:19am On Jan 13, 2017
bitcoins are used allover the world

4 Likes 1 Share

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by helphelp: 7:20am On Jan 13, 2017
The world going kukus
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by Cyberfire(m): 7:20am On Jan 13, 2017
ladyf coman see o
Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by Moostea: 7:21am On Jan 13, 2017
Iss okay

1 Like

Re: Beware Of Bitcoin, Swisscoin, Others, SEC Warns Nigerians by JeffreyJamez(m): 7:21am On Jan 13, 2017
It is those people that are doing shii like zarfund, btcinvestmentstjat should be wary,not those into Bitcoin trading..... Bitcoin trading is already recognized in other parts of the world

5 Likes

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