The Securities and Exchange Commission (SEC) has cautioned Nigerians against dealing with the digital token “Shalom Coin (SHLM)” or its promoters due to potential fraud risks.
In a statement on Friday, the Commission noted that SHLM is being promoted online as an investment opportunity on the Ethereum Blockchain as an ERC-20 token.
Preliminary findings indicate that the token is marketed as a “meme coin” or community token, often accompanied by speculative claims of high returns.
The SEC further revealed that SHLM’s smart contract reportedly allows the issuer to modify key parameters such as trading permissions, transaction fees, and total token supply, heightening the risk of potentially fraudulent activity.
“Shalom Coin (SHLM)” is not registered to operate in any capacity within the Nigerian capital market, and it is not approved by the SEC for issuance, trading, or public offering in Nigeria,” the statement read.
Investors were strongly advised to exercise caution, verify the authenticity of any digital asset or platform through the SEC’s official investor portal, and understand that participation in unregistered schemes carries full personal risk.
The SEC reiterated its commitment to protecting investors and enforcing regulations on all crypto activities in the country.
In 2024, the Commission approved two crypto exchanges—Quidax and Busha—under strict regulatory standards, emphasizing that all other platforms must meet SEC requirements to operate legally.
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