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The Securities and Exchange Commission (SEC) Nigeria has reaffirmed its commitment to utilizing blockchain intelligence to tackle the rising wave of cryptocurrency-related fraud. Speaking at a joint webinar with Chainalysis, SEC Director-General Dr. Emomotimi Agama emphasized the need for transparency in crypto transactions to strengthen regulatory enforcement.

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“When you imagine the future of cryptocurrency transactions, you imagine that if the fraudulent practices are already climbing the way they are now, what will the future hold if we all sit doing nothing?” Agama asked. He stressed the importance of data intelligence, stating, “At the SEC, we need to do deep dives into data intelligence… where every Bitcoin, Ethereum transaction is permanently recorded.”

Agama highlighted various crypto scams, including “liquidity mining schemes with fake DeFi protocols promising organic yields, and fake NFT collectible projects targeting artistic communities.” He also noted the rise of social media-driven campaigns and romance scams, where dating apps are used to build trust before crypto investment requests.

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The SEC Director-General concluded with a call for collective action, saying, “What we need to do collectively is to make sure we stop this right at the beginning.” He emphasized that blockchain’s inherent traceability must be harnessed to protect investors and preserve market integrity.

“With all the various tools at our disposal, it becomes clear that we must all brace up to the challenges of the future,” Agama added. The SEC’s initiative signals a proactive shift toward safeguarding the future of crypto investments in Nigeria

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