The Securities and Exchange Commission (SEC), has said iBSmartify Nigeria is illegal as it is not under its regulation.
The commission, in a statement referred to the activities of iBSmartify Nigeria, the promoters of a Blockchain known as iBledger (iBcashcryptocurrency) and InksNation, saying that all the company claims to be offering are illegal.
It, therefore, urged the general public not to patronise it "as neither the promoters of iBSmartify Nigeria nor the illegal products they offer are registered or regulated by the Commission."
The Commission warned the general public against dealing with the said entity and others in the same business in any manner whatsoever, as anyone dealing with them does so at his/her own risk.
SEC recently raised the alarm over the proliferation of the operation of unlawful/unlicensed investment schemes, with promises of huge, but unjustifiable returns on investment and has warned Nigerians against patronising them.
According to the SEC, "These activities are perpetrated by suspected promoters of Ponzi and other fraudulent schemes.
"Consequently, the general public is hereby advised to refrain from investing in any scheme of the entities listed above, and warns that any person who invests in an unlicensed/unlawful scheme does so at his own peril."