SEC axes six online trading platforms for illegal operations

Nigeria’s Securities and Exchange Commission (SEC) has announced the blacklisting of six online trading platforms in its latest crackdown on illegal and unregistered firms.

The SEC made this development known in a circular issued by the Commission on Monday in Abuja

It said the platforms were purporting to offer investment and finance services and products.

The circular said the platforms were not registered by the SEC and the financial services offered by them were also not authorised.

The Commission in the circular listed the companies to include Prime Invest and Primeinv.co, FXBoxed, New Finance LLC and New Fx Limited, Axi24, Evolve Consulting LCC and Trust Fund-Mining Global Pty Limited.

The circular added: “The Commission’s attention has been drawn to the under listed e-commerce companies and their websites offering online trading platforms to the investing public.

“Members of the public are advised to adopt the greatest diligence in making investment choices.

“In view of the above, the general public is hereby warned that any person dealing with the above mentioned e-commerce websites is doing so at his or her own risk.”

The SEC had earlier warned against patronising a set of firms blacklisted by Italy’s securities regulator, Commissione Nazionale per le Soecieta’ e la Borsa.