By Sofiyyah Layole
The Securities and Exchange Commission (SEC) has issued a warning against AfriquantumX, an online platform actively soliciting investments from Nigerians by claiming to offer cryptocurrency and stock trading services.
In a statement released by the Commission, the SEC unequivocally cautioned that AfriquantumX is not registered to operate or solicit investments in any capacity within the Nigerian capital market.
The regulatory body revealed that investigations showed the platform is being heavily promoted on social media and online forums. Crucially, the SEC stated that AfriquantumX’s operations exhibit characteristics commonly associated with fraudulent Ponzi schemes.
The Commission strongly advised the public to exercise extreme caution, emphasizing that anyone who invests or engages with the entity does so entirely at their own risk.
Dealing with unregistered and unregulated entities, the SEC warned, exposes investors to significant financial risks, including outright fraud and potential loss of capital.
To safeguard their funds, the SEC urged the public to always verify the registration status of any company or platform offering investment opportunities through the Commission’s official portal before making any financial commitment.
