MMM palaver: SEC cautions Nigerians against Bitcoins

 MMM guilders are to use Bitcoin as the new form of payment. The new method is to commence from Saturday, January 14 . The Securities and Exchange Commission (SEC), has warned Nigerians against Bitcoin investment

Following news of the new mode of payment for those participating in the Mavrodi Mondial Movement (MMM), the Securities and Exchange Commission (SEC), warned the general public against investing in crypto currencies, such as Swisscoin, OneCoin, Bitcoin and such other virtual or digital currencies.

MMM tension: SEC serves serious warning to Nigerians against Bitcoin

MMM tension: SEC serves serious warning to Nigerians against Bitcoin

SEC sounded the note of warning on Thursday, January 12.The warning

Recall that the Mavrodi Mondial Movement, otherwise known as MMM had last week introduced Bitcoin, said to be the world’s best performing currency in 2016, as part of its mode of payment in its comeback plans.

However, the SEC has advised the public to exercise extreme caution with regard to digital (crypto currencies) as a vehicle of investments.

The commission stressed that none of the persons, companies or entities promoting crypto currencies had been recognised or authorised by it or by other regulatory agencies in Nigeria to receive deposits from the public or to provide any investment or other financial services in or from Nigeria.

“The public should also be aware that any investment opportunities promoted by these persons, companies or entities are likely to be of a risky nature with a high risk of loss of money, while others may be outright fraudulent pyramid schemes,” the regulator noted.

“The public and consumers of financial services are further advised that before making any investment or entering into any financial services transaction they should ascertain that the entity with whom the investment or transaction is being made is authorised by the commission or other financial services regulatory authority as applicable to provide such services.”

The fraudsters, SEC said, carried out their illegitimate business via Nigeria.mmm.netportal/platform, and were promising investors a monthly investment return of 30 per cent.

“Please note that anyone that subscribes to this illegal activity does so at their own risk”, it added.

Meanwhile, a guider named Odhelee, has provided some guidelines as participants of the scheme prepare to get paid on January 14, 2017 after the hiatus.

Below is the Facebook post made on January 12, 2017:

It has come to my notice that participants have been perturbed lately concerning uncertain information flying around especially *change of currency, email and phone confirmation.*

These information are unverifiable and lacks foundation

1. Your PO has been adjusted to allow you change or correct your phone number without being placed on moratorium. All phone numbers can be changed (confirmed or unconfirmed). You are only required to ensure your PO *phone number is correct* and reachable. *Phone and email showing confirmed is not a requirement for PH and GH and will not affect your PH or GH in any way.

2. Changing your currency is not a compulsory option. You can PH in bitcoin or Naira irrespective of the currency of your PO until mavro-btc is implemented. The naira and btc currency have been on your settings for almost 2weeks now so why the sudden rush now as if your life depends on it.‎

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