SEC: Checkmating Activities Of Illegal Online Trading Platforms

Illegal online trading platforms are websites or applications that allow users to buy and sell goods or services without following the laws and regulations set by the government.

These platforms often involve the sale of counterfeit goods, stolen items, or other illegal activities.

They can also be used to facilitate money laundering and other financial crimes. It is important to be aware of the risks associated with using these platforms and to avoid them whenever possible. 

In a related development, the Securities and Exchange Commission (SEC) has recently blacklisted six online trading platforms in its latest crackdown on unregistered firms offering investment services in the country.

The blacklisted firms are Prime Invest and Primeinv.co, FXBoxed, New Finance LLC and New Fx Limited and Axi24.

Others are Evolve Consulting LCC and Trust Fund-Mining Global Pty Limited. 

In a circular released yesterday, SEC stated: “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.

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

SEC, in a statement, signed by its Head of Media, Efe Ebello, advised members of the public to adopt diligence in making investment choices. 

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

The SEC had earlier warned the public against patronising a set of firms blacklisted by Italy’s securities regulator, Commissione Nazionale per le Soecieta’ e la Borsa (CONSOB). CONSOB had blacklisted five additional e-commerce websites for offering unauthorised and fraudulent financial services.

The blacklisted platforms included capmarketstrategy.io, Bitsterzio, Invest Atlas, Ether-Arena Limited and Ether-Arena Limited operating under venerable.co.

CONSOB had ordered internet service providers (ISP) operating in Italy to block public access to the blacklisted websites and called on prospective investors to adopt the greatest diligence in making investment choices.