PANews reported on November 17 that according to News.bitcoin, the draft bill of the Investment and Securities Bill proposed by the Nigerian SEC proposes a fine of up to $12,000 (20 million naira) or 10 years in prison for convicted criminals. Some crypto people believe that this will greatly weaken criminals who use the term "cryptocurrency" to deceive unsuspecting investors. In addition, they believe that removing these bad actors will help purify this industry that has long been dominated by fraudsters.
Although Nigeria is considered one of the world’s largest cryptocurrency markets, it is hampered by its reputation as a “scammer’s paradise.” The country appears to lack laws to punish fraudsters in the investment space, which is believed to have led to the rise of cryptocurrency scams and Ponzi schemes. This lack of deterrence has led to some Nigerian celebrities launching or endorsing fraudulent digital assets or tokens.
