The Securities and Exchange Commission (SEC) has issued a firm caution to celebrities and social media influencers, urging them to desist from promoting unregistered digital asset platforms and speculative meme coins.
The warning comes in the wake of the abrupt collapse of CBEX, a crypto trading platform, which sparked unrest in Ibadan. Reports indicate that angry investors stormed the premises of Smart Treasure (ST Team), an affiliate of CBEX, in the Oke Ado area of the Oyo State capital, after being locked out of their funds.
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SEC Director-General, Emomotimi Agama, referenced the newly enacted Investments and Securities Act 2025, signed into law by President Bola Tinubu, which outlines clear regulatory provisions for the operation of digital asset platforms in Nigeria.
He said the legislation mandates the registration of such platforms as part of broader efforts to enhance transparency, safeguard investors, and uphold public confidence in the digital finance space.
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