The Nigerian Securities and Exchange Commission (SEC) has cautioned social media influencers about promoting unlicensed cryptocurrency, which could result in a three-year prison term.

This action is part of Nigeria's broader efforts to strengthen regulatory oversight in the cryptocurrency industry. Alongside the warning, the SEC has also banned anonymous coins, highlighting the necessity for stricter controls on asset promotions. These measures demonstrate the government's commitment to establishing a more secure and regulated financial environment as it deals with the complexities of digital assets.