The Nigerian government revealed the alleged other illegal investment platforms, Tofro

Securities and Exchange Commission (SEC) has revealed the alleged other illegal investment platforms identified as Tofro.com (Tofro).

The commission revealed this in the notification issued on Thursday in Abuja.

He warned the Nigerians not to fall on the promoter tactics to get money through an extraordinarily high return promise.

SEC said the alleged investment platform survived as a cryptocurrency trading platform, added that such an investment scheme was not registered.

The notification reads: “The attention of the Securities and Exchange Commission has been interested in the online platform activity known as Tofro.com (Tofro), which is considered a cryptocurrency trading platform.

“The commission hereby informs the public that Tofro is not registered by the commission either to request investment from the public or operate in other capacities in the Nigerian capital market.

“Investigations have revealed that Tofro operations show a typical indicator of cheating Ponzi schemes, including extraordinarily high return promises, severe dependence on the referral system to maintain payment and failure to respect the request of withdrawals from customers.

Also read: CBEX announces the start of the operation despite the EFCC Probe, sec Ban

“Therefore, the public is strongly advised to be aware of investing with Tofro, because everyone who puts such investments with the entity, does it with their own risk.

“The commission also reminded prospective investors about the need to verify the registration status of the investment platform through the Special Commission’s Portal: www.sec.gov.ng/cmos before transacting with them.”

The Director General of SEC, Emomotimi Religion, urged the Nigerians to understand the dangers of entering the money earned with difficulty in efforts that are not registered or regulated by the commission.

Tofro is a doubtful online trading platform found by regulatory agents in this country.

The new Economic and Financial Crime Commission (EFCC) launched a campaign about other platform activities, Crypto Bridge Exchange (CBEX), and has stated many promoters sought for alleged fraud.

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