LunagisthubSEC Warns Nigerians About Unregistered Crypto Platform CMTrading
The Securities and Exchange Commission (SEC) has issued a warning to Nigerians about CMTrading, a cryptocurrency and commodities trading platform that is not registered to operate in Nigeria. The SEC disclosed that CMTrading falsely claims affiliation with a South African company, GCMT South Africa Pty Ltd, and has even gone as far as cloning websites of reputable media houses to deceive potential investors.The SEC is concerned that CMTrading is soliciting investments from the public without proper registration. This could put investors at risk of losing their funds. The Commission emphasized that CMTrading is not authorized to operate in the Nigerian capital market.Red Flags to Watch Out For
The SEC highlighted several red flags, including:
Unregistered Operation: CMTrading is not registered with the SEC.
False Affiliation Claims:The platform claims affiliation with a South African company.
Cloned Websites: CMTrading has cloned websites of reputable media houses.
The SEC’s warning serves as a reminder for investors to be cautious when dealing with online trading platforms. It’s essential to verify a platform’s registration and credentials before investing.
The SEC’s warning about CMTrading highlights the importance of diligence when investing in cryptocurrency and commodities trading platforms. Investors should prioritize their financial security by choosing registered and reputable platforms.
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