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SEC Blacklists Six eCommerce Platforms

Securities and Exchange Commission (SEC) Nigeria has blacklisted six eCommerce platforms. Learn more about the SEC's actions and their reasons here

In the most recent efforts to combat illegal and unregistered entities claiming to provide investment and financial services or products, the Securities and Exchange Commission (SEC) of Nigeria has taken action against six online trading platforms by blacklisting them.

In a circular, the SEC disclosed that some eCommerce companies offering trading platforms have been identified as unregistered to provide investment services.

It highlighted its concerns regarding these firms and emphasized that their activities are not in compliance with regulatory requirements.

According to the circular released by SEC, New Finance LLC and New Fx Limited, Prime Invest and Primeinv.co, Evolve Consulting LCC, FXBoxed, and Trust Fund- Mining Global Pty Limited are the blacklisted firms.

In the recently issued circular, the Securities and Exchange Commission (SEC) has brought attention to certain e-commerce companies and their websites that are offering online trading platforms to the public. In light of this, the SEC urges members of the public to exercise utmost caution and diligence when making investment decisions.

It is crucial for individuals to carefully evaluate and assess their investment choices to mitigate potential risks. That means people are being alerted by the Commission to deal with these blacklisted firms cautiously.

Following a prior cautionary advisory, the Securities and Exchange Commission (SEC) has reiterated its warning to the public regarding a group of companies that have been blacklisted by Italy’s securities regulator, Commissione Nazionale per le Società e la Borsa (CONSOB).

The Italian regulator recently added five more e-commerce websites to its blacklist due to their involvement in providing unauthorized and deceptive financial services. Investors are strongly advised to exercise extreme caution and refrain from engaging with these blacklisted firms to protect themselves from potential fraud and financial harm.

Heena Goyal

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