Friday, July 25, 2025
LBNN
  • Business
  • Markets
  • Politics
  • Crypto
  • Finance
  • Energy
  • Technology
  • Taxes
  • Creator Economy
  • Wealth Management
  • Documentaries
No Result
View All Result
LBNN

Nigerian SEC warns influencers of new 3 year jail term for promoting ‘unlicensed’ crypto

Simon Osuji by Simon Osuji
December 18, 2024
in Crypto
0
Nigerian SEC warns influencers of new 3 year jail term for promoting ‘unlicensed’ crypto
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

Join Japan's Web3 Evolution TodayJoin Japan's Web3 Evolution Today

The Nigerian Securities and Exchange Commission (SEC) has rolled out stricter rules targeting influencers promoting crypto-related products without transparency.

Under the updated framework, influencers must ensure their crypto clients are licensed by the SEC before endorsing any product or service.

Additionally, all promotional content must be clearly labeled as sponsored. Failure to comply will attract severe penalties, including a fine of at least 10 million Naira (approximately $7000), imprisonment of up to three years, or both.

Influencers are also required to use simple language in their promotions. The SEC warns against using technical jargon, ambiguous terms, or exaggerated promises like “double your earnings now” or “secure your future.”

The SEC continued that promotional materials must avoid claims that could mislead or confuse potential investors. Furthermore, all advertisements must receive prior approval from the Commission before publication.

The Commission explained that this move addresses growing concerns about financial influencers promoting unauthorized digital asset investments. The regulations cover all communication platforms, including social media, television, radio, and USSD channels.

The SEC stated that it will actively monitor online promotions and prosecute violators who breach these directives.

Notably, the Nigerian SEC’s move aligns with global trends. For instance, the United Kingdom’s Financial Conduct Authority (FCA) introduced similar measures in 2023, requiring crypto promotions to meet legal standards. Similarly, France requires influencers to complete certifications in responsible financial advertising before promoting crypto products.

Crypto regulation overhaul

In addition to influencer regulations, the SEC has tightened oversight on Virtual Asset Service Providers (VASPs) operating in Nigeria.

These firms must now register with the SEC and adhere to stringent governance, financial, and reporting standards. They must also submit regular trading data, compliance reports, and audited financial statements.

The SEC also prohibits issuing or promoting anonymity-enhanced cryptocurrencies.

These updated regulations will take effect in June 2025, signaling a significant shift toward greater transparency and investor protection in the country’s crypto ecosystem.

Source link

Related posts

Ether ‘Looking Vulnerable’ In Near Term, But Long-Term Bullish

Ether ‘Looking Vulnerable’ In Near Term, But Long-Term Bullish

July 25, 2025
XRP hits new ATH of $3.55 after 7 years amid altcoin surge

Legislation on a blockchain pilot for Veteran Affairs claims awaits House floor vote

July 24, 2025
Previous Post

International Migrants Day: Almost half of Africans have considered emigrating, Afrobarometer survey shows

Next Post

Kremlin Opens ‘Russian Houses’ as Soft Power Tool

Next Post
Kremlin Opens ‘Russian Houses’ as Soft Power Tool

Kremlin Opens ‘Russian Houses’ as Soft Power Tool

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Neuromorphic system enhances machine vision in extreme lighting environments

Neuromorphic system enhances machine vision in extreme lighting environments

5 months ago
Lenovo Yoga Slim 7i Aura Edition Review: An Intel Copilot+ PC

Lenovo Yoga Slim 7i Aura Edition Review: An Intel Copilot+ PC

10 months ago
United Nations Industrial Development Organization (UNIDO) Director General visits Algeria to expand cooperation

United Nations Industrial Development Organization (UNIDO) Director General visits Algeria to expand cooperation

1 year ago
Qatar Financial Centre issues QFC Digital Assets Framework 2024

Qatar Financial Centre issues QFC Digital Assets Framework 2024

11 months ago

POPULAR NEWS

  • Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    0 shares
    Share 0 Tweet 0
  • When Will SHIB Reach $1? Here’s What ChatGPT Says

    0 shares
    Share 0 Tweet 0
  • The world’s top 10 most valuable car brands in 2025

    0 shares
    Share 0 Tweet 0
  • Top 10 African countries with the highest GDP per capita in 2025

    0 shares
    Share 0 Tweet 0
  • Tanzania’s natural gas sector goes global with Dubai deal

    0 shares
    Share 0 Tweet 0
  • Privacy Policy
  • Contact

© 2023 LBNN - All rights reserved.

No Result
View All Result
  • Home
  • Business
  • Politics
  • Markets
  • Crypto
  • Economics
    • Manufacturing
    • Real Estate
    • Infrastructure
  • Finance
  • Energy
  • Creator Economy
  • Wealth Management
  • Taxes
  • Telecoms
  • Military & Defense
  • Careers
  • Technology
  • Artificial Intelligence
  • Investigative journalism
  • Art & Culture
  • Documentaries
  • Quizzes
    • Enneagram quiz
  • Newsletters
    • LBNN Newsletter
    • Divergent Capitalist

© 2023 LBNN - All rights reserved.