06-30-2020 icon

SEC Nigeria Warns Against Illegal Cryptocurrency Operator

By Sagetwriter
Nigeria SEC Warns of iBcash Cryptocurrency

The Nigerian Security and Exchange Commission (SEC), has warned stakeholders and the general public about the activities of an illegal blockchain firm known as iBledger (iBcash cryptocurrency) and InksNation.

According to an official statement, SEC disclosed that neither the company (iBSmartify Nigeria) nor its promoter or products are registered or regulated by the commission.

The SEC circular reads:

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.”

Economic Downturn Sees Surge in Fake Crypto Schemes

The current state of the Nigerian and global economy coupled with COVID-19 imposed lockdowns has prompted many Nigerians to seek alternative sources of income.

Thankfully, the bitcoin and cryptocurrency industry which leverages on the online and cross border transaction model has scaled these times; which has seen negative elements try to clone the industry to swindle unsuspecting Nigerians of their funds.

One funny fact is that most individuals fail to do their own research, and rely on the MMM-styled promises of these schemes, as hype their way to new downlines. Notable among these schemes are Ethereum million money, Forsage and more.

With the current surge in these schemes, we advise the public to always do due research and seek the services of professional financial advisers.

REMEMBER: Promote good use cases for Bitcoin and cryptocurrency. Keep the Nigerian crypto industry clean.