Nigerian Crypto Industry Players Applaud Proposal to Jail Ponzi Operators
Nigeria’s proposed Investments and Securities Bill, which proposes jail terms for Ponzi scheme operators, has been welcomed by crypto industry players who hope this will help clean up the sector’s reputation. 10-Year Jail Terms Proposed for Ponzi Operators Some members of Nigeria’s digital asset industry have hailed a draft bill proposing hefty fines and jail terms for Ponzi scheme operators. They argue this would go a long way in undercutting criminals who use the term “crypto” to defraud unsuspecting investors. Additionally, they contend that removing such bad actors would help sanitize a sector long dominated by fraudsters. As widely reported by Nigerian media, the country’s Securities and Exchange Commission (SEC) has proposed the Investments and Securities Bill (ISB) 2024. The bill proposes fines of up to $12,000 (NGN 20 .
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