Nigeria’s SEC warns against crypto platform CMTrading for fraudulent claims, fake media content, and illegal operations in the capital market.
The Securities and Exchange Commission (SEC) has issued a public warning against CMTrading, a cryptocurrency and commodities platform accused of fraudulent practices in Nigeria.
According to the SEC, CMTrading is not registered to solicit investments or operate in any capacity within the Nigerian capital market. The platform allegedly cloned websites of reputable media outlets like Channels TV, BBC, Punch, and Vanguard, and used doctored videos of prominent Nigerians to lure unsuspecting users.
CMTrading also falsely claims affiliation with GCMT South Africa Pty Ltd, allegedly licensed by regulators in South Africa and Seychelles, a claim the SEC has discredited.
The Commission urged the public to exercise extreme caution and avoid investing through CMTrading, citing growing concerns over crypto-related fraud in the country.
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SEC Warns Nigerians Against Fraudulent Crypto Platform CMTrading Over Fake Media, Unlicensed Operations
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