The draft of Nigeria's Investment and Securities Act proposes to imprison Ponzi fraudsters for 10 years

--

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.

24/7 Flashes

More >
Today 2026-01-01
14:04

During the live broadcast of Domi Club: 🔥 Bitcoin $87500 life and death line! Tonight, is it a bargain or a top flight? 🔥

13:18

In December 2025, the encryption industry suffered 26 attacks, resulting in a loss of $76 million

12:58

巨鲸操作减少,多头空头均有显著调仓

12:29

BNB Chain 2025报告:独立地址超7亿,日均交易量达1078万笔

12:01

Binance Alpha将于1月2日上线AI Avatar空投