Nigeria SEC Warns Against Unregistered Crypto Platform CMTrading

The Nigerian Securities and Exchange Commission (SEC) has issued a public warning against CMTrading, an unregistered platform offering crypto and commodities trading services. The platform allegedly cloned websites of major media outlets like Punch, Vanguard, and Arise Television to lure unsuspecting users.

Investigations reveal CMTrading's operations exhibit signs of a Ponzi scheme, including fake endorsement videos of prominent Nigerians and promises of monetary benefits. The SEC confirmed the platform has no authorization to solicit investments or operate within Nigeria's capital market.

This alert comes amid rising concerns over fraudulent activities targeting Nigeria's growing crypto investor base. The regulator emphasized the platform's claimed affiliations with South African and Seychelles regulators remain unverified.