The Securities and Exchange Commission (SEC) has warned the public against the cryptocurrency and commodities trading platform, CMTrading.
A statement by the Commission on Saturday said the platform reportedly claims affiliation with GCMT South Africa Pty Ltd, allegedly licensed by the Financial Sector Conduct Authority (FSCA) of South Africa and the Financial Services Authority (FSA) of Seychelles as a securities dealer.
The Commission also said the cryptocurrency and commodities trading platform, cloned websites of reputable media houses such as Channels Television, Punch Newspaper, Vanguard Newspaper, BBC and Arise Television, to attract unsuspecting victims.
The SEC said the alert was necessary over concerns of fraudulent activities in Nigeria’s capital market.
“The platform uses cloned websites of reputable media houses such as the Punch Newspaper, Vanguard Newspaper, BBC, Channels Television and Arise Television to attract unsuspecting victims. It also posts cloned videos and pictures of prominent Nigerians on social media, promising monetary benefits to subscribers,” it stated.
The Commission disclosed that CMTrading was not registered to solicit investments from the public or operate in any capacity within the Nigerian capital market.
“The Commission hereby informs the public that the CMTRADING is NOT REGISTERED by the Commission either to solicit investments from the public or operate in any capacity within the Nigerian capital market,” the statement read.