Markets

Prime Invest, FXBoxed… SEC blacklists six unregistered online trading platforms

As part of its latest crackdown on illegal and unregistered firms purporting to offer investment and finance services, the Securities and Exchange Commission (SEC) says it has blacklisted six online trading platforms.

In a circular on its website, the commission said the blacklisted firms 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 commission’s attention has been drawn to the under-listed e-commerce companies and their websites offering online trading platforms to the investing public,” the circular reads.

“They are not registered by the SEC Nigeria and the financial services offered by them are also not authorised.”

SEC also advised Nigerians to do due diligence before investing in any scheme.

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

“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 commission had earlier warned members of the public against patronising a couple of firms blacklisted by Commissione Nazionale per le Soecieta’ e la Borsa (CONSOB), Italy’s securities’ regulator.

CONSOB had blacklisted five additional e-commerce websites for offering “unauthorised and fraudulent” financial services.

The blacklisted websites were CMS or capmarketstrategy.io; Bitsterzio; Invest Atlas, Ether-Arena Limited; and Ether-Arena Limited operating under veneab.co.

CONSOB had also ordered internet service providers operating in Italy to block public access to the blacklisted websites.

Adewale Nurudeen

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