The Securities and Exchange Commission (SEC) has cautioned the public against investing in CMTRADING, a cryptocurrency and commodities trading platform.
In a statement published on its official website, the Commission noted that CMTRADING falsely presents itself as a licensed operator under GCMT South Africa Pty Ltd by the Financial Sector Conduct Authority (FSCA) of South Africa and as a securities dealer by the Financial Services Authority (FSA) of Seychelles.
According to SEC, the platform engages in deceptive practices, including cloning websites of reputable media houses such as Punch, Vanguard, BBC, Channels Television, and Arise TV, as well as using doctored images and videos of prominent Nigerians to lure unsuspecting investors with promises of unrealistic returns.
The Commission emphasized that CMTRADING is not registered or authorized by SEC to operate in Nigeria’s capital market or solicit investments from the public. Investigations further revealed that its activities bear the hallmarks of a Ponzi scheme—unusually high return promises, reliance on referrals to sustain payouts, and aggressive requests for deposits.
SEC strongly advises Nigerians to avoid dealings with CMTRADING, stressing that anyone who invests in the platform does so at their own risk.
The Commission also reminded investors to always verify the registration status of any investment platform through its official portal:
Source: Fundvine
