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Nigeria proposes stricter penalties for crypto fraud

Nigeria’s Securities and Exchange Commission (SEC) has proposed a draft of the Investment and Securities Act, which suggests imposing a fine of up to $12,000 (20 million Naira) or a 10-year prison sentence for convicted offenders.

Some members of the cryptocurrency community believe this measure will significantly deter criminals who exploit the term ‘cryptocurrency’ to deceive unsuspecting investors.

This is community-generated content, not advice from ONUS.
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