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According to News.bitcoin, the draft of the Investment and Securities Act proposed by the Nigerian SEC proposes imposing fines of up to $12000 (20 million naira) or 10 years in prison on convicted offenders. Some crypto enthusiasts believe that this will greatly weaken criminals who use the term 'cryptocurrency' to deceive unsuspecting investors. In addition, they believe that eliminating these bad actors will help purify this industry that has long been dominated by fraudsters. Although Nigeria is considered one of the world's largest cryptocurrency markets, it has been hindered by its reputation as a 'scammer paradise'. The country seems to lack laws to punish fraudsters in the investment sector, which is believed to be the reason for the rise of cryptocurrency scams and Ponzi schemes. This lack of deterrence has led some Nigerian celebrities to launch or endorse fraudulent digital assets or tokens.