In the wake of the collapse of the CBEX crypto trading platform, the Securities and Exchange Commission (SEC) has issued a stern warning to celebrities and influencers against promoting unregistered digital asset platforms and meme coins.
The fallout from CBEX saw angry investors loot the office of Smart Treasure (ST Team), a related entity in Ibadan, after losing access to their funds.
Emomotimi Agama, the Director-General of SEC, referenced the newly signed Investments and Securities Act (ISA) 2025 by President Bola Tinubu, which provides clear regulations for digital asset operations, including mandatory registration of platforms.
Agama emphasized that:
- Promoting unlicensed crypto platforms or meme coins is illegal.
- The SEC will enforce the law against illicit activities like Ponzi schemes, pump-and-dump tokens, and unregistered exchanges.
- The new ISA aims to encourage FinTech innovation while ensuring regulatory compliance and investor protection.
He cautioned public figures:
“Becoming influencers or introducing meme coins that do not mean well for the generality of Nigerians are not going to be tolerated.”
