Securities and Exchange Commission (SEC), Nigeria has warned stakeholders and the investing public about the activities of an illegal blockchain operator – iBSmartify Nigeria, which is the promoters of a Blockchain known as iBledger (iBcashcryptocurrency) and InksNation.
In an announcement, SEC, said that “The general public is hereby advised that neither the promoters of iBSmartify Nigeria nor the illegal products they offer are registered or regulated by the Commission.”
In view of the above, the general public is hereby WARNED that any person dealing with the said entity and others in the same business in any manner whatsoever, does so at his/her own risk.the SEC added, in an announcement.
Based out of Badagry, Nigeria, iBSmartify (InksNation) claims to use Blockchain , Artificial Intelligence, Extended Reality and Quantum Computing for Humanitarian Good towards building a better world where humans live like Kings and Queen in an autonomously driven ecosystem of abundance.
On its website ‘inksnation.io‘, the company also claims to have invented the World’s First Philanthropic Blockchain (InksLedger) and the World’s First Charitable Trust DAO (InksNation), which the company in questions claims to end poverty in any country in less than 9 months incentivising goodness, promoting love, unity, oneness, peace and equitable distribution of wealth.
Further the Nigenrian company claims that its native Reserve Coin called ‘PinKoin’ will pay every single Nigerian, African and Human being on earth including babies born everyday a minimum of N120,000 ($330) monthly for life as UCBI (Universal Child Basic Income).
In a circular dated June 26, 2020, the SEC pointed out that neither the promoters of iBSmartify Nigeria nor the illegal products they offer are registered or regulated by the commission.
The SEC keeps warning the investing public against dealing with fraudulent and unregistered investment schemes and capital market operators, especially those with bogus investment and unjustifiable return claims.
The commission, in 2019, clamped down on some Ponzi scheme operators by blocking their bank accounts and taking over the real estate properties linked to them.