Sec Tells Influencers To Stop Promoting Risky Meme Coins, Unlicensed Platforms

Following the sudden collapse of CBEX crypto trading platform, the Securities and Exchange Commission SEC has warned celebrities and influencers against endorsing or promoting unregistered digital asset platforms and meme coins.

After users lost access to their funds in CBEX, aggrieved investors looted the office of Smart Treasure ST Team, an arm of the cypto trading platform in Ibadan.

It is against this background that Emomotimi Agama, Director-General DG of SEC, spoke against the promotion of unregistered digital asset platforms and meme coins by influencers.

Citing the provisions of the Investments and Securities Act 2025 recently signed by President Bola Tinubu, Agama said the act established clear rules and regulations for digital asset platforms, including registration requirements to promote transparency and trust.