The Securities and Exchange Commission (SEC) has issued a stern warning to Nigerians against investing in AfriquantumX, an online platform claiming to trade cryptocurrency and stocks, cautioning that it is not registered to operate within Nigeria’s capital market.
In a statement released Tuesday, the SEC said investigations revealed that AfriquantumX has been actively soliciting investments via social media and other online channels without the necessary regulatory approvals.
The commission raised concerns that the platform’s activities display typical characteristics of a Ponzi scheme, urging the public to exercise extreme caution.
“AfriquantumX is not registered by the Commission either to solicit investments from the public or operate in any capacity within the Nigerian capital market,” the SEC said.
“Its operations exhibit characteristics commonly associated with fraudulent Ponzi schemes. Accordingly, the public is advised to be cautious about investing with the said AfriquantumX, as any person who engages with the entity does so at his or her own risk.”
The SEC also reminded investors to always verify the registration status of companies or investment platforms via its official online portal at www.sec.gov.ng/cmos before committing funds.
The regulator emphasized that engaging with unregistered or unregulated entities exposes investors to the risk of financial loss, fraud, and absence of legal recourse.
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