The Securities and Exchange Commission always referred to as SEC in Nigeria is a government agency saddled with the responsibility to regulate and develop the Nigerian capital market. They aim to achieve a capital market that is fair, dynamic, efficient, and transparent and also to contribute to the Economic development of the country. The list of 6 online trading platforms SEC placed on their blacklist is what the focus of our discussion on this page will be. Sec regulates the activities of all trading platforms both online and offline. The vision of the commission is to become Africa’s leading capital market regulator.
In the latest crackdown on the activities of illegal and unregistered firms that offer financial and investment services and products to the public, the commission has brought out the list of 6 online trading platforms SEC placed on their blacklist. These 6 online trading platforms SEC placed on their blacklist are into e-commerce and their websites offer online trading to the investing Nigeria public and are not registered under SEC. Because of the mere fact that they are not registered under SEC, their activities and the financial services they offer to the public are not authorised and approved by SEC.
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List Of 6 Online Trading Platforms SEC Placed On Their Blacklist
In a circular presented by SEC on Monday 1st May 2023, SEC mmade it known that the listed platforms have been offering investment and finance services to the public while the services they offered were not authorised by the Commission. The list of 6 online trading platforms SEC placed on their blacklist is as follows:
- Prime Invest and “Primeinv. co
- FXBoxed
- New Finance LLC and New Fx Limited
- Axi24
- Evolve Consulting LCC
- Trust Fund-Mining Global Pty Limited.
SEC has advised members of the public to be diligent and careful in making investment choices especially online. Because of the above list of 6 online trading platforms SEC placed on their blacklist, the commission has warned the public that any person dealing with the above-mentioned e-commerce websites and platforms is doing that at his or her own risk. The commission went further to warn the public against patronising the firms blacklisted by Italy’s security regulator, Commisione Nazionale per Ie Societa’e Ia Borsa(CONSOB).