Entertainment Africa

SEC to jail celebrities, influencers promoting crypto assets without ‘sponsored’ labels

The Securities Exchange Commission has issued a warning to Nigerian celebrities and social media influencers who promote cryptocurrency platforms and assets without labelling their posts as sponsored.

The SEC has announced that a three-year jail term awaits culprits who support fraudulent crypto sites. This follows the numerous reported scams orchestrated by some of these cryptocurrency platforms being promoted by celebrities.

“Influencers who receive compensation to promote digital asset products or services shall disclose this arrangement to their followers. Failure to do so will result in a penalty of not less than 10 million, imprisonment for up to three years, or both,” stated the SEC directive.

The SEC believes that the misplaced trust individuals have in celebrities has led them to blindly invest in any content posted on social media without conducting additional research.

The commission has also mandated celebrities and influencers to do their due diligence in verifying that their crypto client is SEC-licensed and approved before promoting their content.

“Influencers shall before engaging in any promotional activities verify that both the VASP, products and services they intend to promote are licensed or approved by the commission,” stated the SEC guideline.

According to the SEC, officers have been employed to actively monitor online crypto promotions to ensure no violation of the directive. If caught, prosecution procedures will be initiated.

 

Source: www.mynigeria.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

Related Articles

Back to top button