SEC Blacklists Six Unregistered Online Trading Platforms

Key highlights:

1. The SEC has blacklisted six online trading platforms for offering unauthorised investment services.
2. The companies are not registered with the SEC, making their services illegal.
3. Nigerians are advised to be cautious when dealing with these blacklisted companies.

The Securities and Exchange Commission (SEC) has blacklisted six online trading platforms for illegally offering investment and finance services or products to the Nigerian public. The companies in question were not registered with the SEC, making them unauthorised to carry out investment services. Some of the companies named by the SEC include Prime Invest, FXBoxed, New Finance LLC and New Fx Limited, Axi24, Evolve Consulting LCC and Trust Fund- Mining Global Pty Limited. The commission warns Nigerians to exercise caution when dealing with these companies.

It’s worth noting that the SEC had previously warned against a group of companies blacklisted by Italy’s securities regulator, Commissione Nazionale per le Soecieta’ e la Borsa (CONSOB). The regulator had blocked public access to the blacklisted websites and called on prospective investors to exercise diligence when making investment choices.