The Securities and Exchange Commission (SEC) has issued a public warning against CMTrading, a cryptocurrency and commodities trading platform, over concerns of fraudulent activities in Nigeria’s capital market.
In a press statement signed by its management, the SEC disclosed that CMTrading is NOT REGISTERED by the Commission either to solicit investments from the public or operate in any capacity within the Nigerian capital market.
“The Commission hereby informs the public that the CMTRADING is NOT REGISTERED by the Commission either to solicit investments from the public or operate in any capacity within the Nigerian capital market,” the statement read.
The platform reportedly claims affiliation with GCMT South Africa Pty Ltd, allegedly licensed by the Financial Sector Conduct Authority (FSCA) of South Africa and the Financial Services Authority (FSA) of Seychelles as a securities dealer.
The Commission also raised alarm over CMTrading’s marketing strategies, warning that the platform uses cloned websites of reputable media houses such as the Punch Newspaper, Vanguard Newspaper, BBC, Channels Television and Arise Television to attract unsuspecting victims.
“The platform uses cloned websites of reputable media houses such as the Punch Newspaper, Vanguard Newspaper, BBC, Channels Television and Arise Television to attract unsuspecting victims. It also posts cloned videos and pictures of prominent Nigerians on social media, promising monetary benefits to subscribers,” they stated.
Additionally, the platform has been found to post cloned videos and images of notable Nigerians on social media to mislead the public with false promises of financial rewards
