SEC Bans Prime Invest And Five Other Online Trading Platforms
The Securities and Exchange Commission (SEC) has blacklisted six online trading platforms, including Prime Invest.
According to a statement from the SEC, the companies were penalized because they were not permitted to provide financial and investing services and products to Nigerians.
Prime Invest and Primeinv.co, FXBoxed, New Finance LLC and New Fx Limited, Axi24, Evolve Consulting LCC, and Trust Fund- Mining Global Pty Limited are the companies that are impacted.
“Members of the public are advised to adopt the greatest diligence in making investment choices.”
“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 statement made available to Business Post by SEC stated.
The Nigerian government has given SEC the authority to oversee the stock market there.
To safeguard investors’ interests, it was granted the authority to guarantee that any organization’s financial services or products offered to the investing public are registered.
The SEC stated in the notice that because the aforementioned e-commerce businesses were not registered with it, the “financial services offered by them are also not authorized.”
The Italian securities watchdog, Commissione Nazionale per le Soecieta’ e la Borsa (CONSOB), has blacklisted a number of companies, and the SEC has previously cautioned the public not to do business with them.
Five more e-commerce sites had been placed on the CONSOB’s blacklist for providing fraudulent and unauthorized financial services.
CMS or capmarketstrategy.io, Bitsterzio, Invest Atlas, Ether-Arena Limited, and Ether-Arena Limited, operating under veneab.co were among the websites that were blacklisted.
In addition to directing Italian Internet Service Providers (ISP) to restrict access to the websites on the blacklist, CONSOB urged potential investors to use the utmost caution while selecting their investments.