The Securities and Exchange Commission (SEC) has issued a public warning against CMTrading, a cryptocurrency and commodities trading platform, citing fraudulent activities and deceptive tactics aimed at Nigerian investors.

In a statement released over the weekend, the Commission disclosed that CMTrading is not registered to operate or solicit investments within Nigeria’s capital market. Despite the platform’s claims of affiliation with GCMT South Africa Pty Limited and regulatory licenses from the Financial Sector Conduct Authority (FSCA) of South Africa and the Financial Services Authority (FSA) of Seychelles, the SEC stated that no such registration or approval exists under Nigerian law.

According to the Commission, CMTrading has been using cloned websites of trusted Nigerian and international media outlets—such as Channels Television, Punch, Vanguard, the BBC, and Arise News—to mislead potential investors.

These websites have been used to host fabricated content and images, including doctored videos of well-known Nigerians, all aimed at creating a false sense of credibility.

“Their operations show signs commonly associated with Ponzi schemes,” the SEC said, explaining that CMTrading promises unrealistic returns and depends heavily on a referral system to sustain its payout model. The agency further stated that the use of copied digital assets, combined with unverifiable investment promises, is designed to mislead the public.

The Commission urged the public to avoid dealing with CMTrading or any of its representatives, warning that individuals who choose to engage with the platform do so at their own risk.

SEC also emphasized the importance of verifying the regulatory status of any investment company or platform before committing funds.

For verification, the Commission directed investors to its fintech and capital market operator portals:

https://home.sec.gov.ng/fintech-and-innovation-hub-registered-fintech-operators/and

https://sec.gov.ng/cmos](https:/www.sec.gov.ng/cmos