The Securities and Exchange Commission has issued a warning against TOFRO.COM, describing it as an unregistered cryptocurrency trading platform that poses significant risks to investors.
According to the SEC, Tofro operates without regulatory approval and displays classic traits of a Ponzi scheme, such as offering unusually high returns with minimal risk, relying heavily on a referral-based payout system, and failing to process investor withdrawal requests.
The regulatory body cautioned Nigerians to avoid engaging with Tofro, stressing that those who invest in the platform do so at their own risk. It emphasized that Tofro is not registered to solicit investments or operate within the Nigerian capital market.
In its official statement, the SEC reiterated that Tofro’s operations are deceptive and violate capital market laws. The Commission urged investors to confirm the legitimacy of any financial platform by checking the registration status on its official website.
SEC Director-General Emomotimi Agama emphasized the need for increased public vigilance, encouraging Nigerians to verify platforms before committing funds to avoid falling victim to fraudulent schemes.
Although Tofro claims to be a professional global digital asset exchange headquartered in the United States, the SEC has dismissed its legitimacy, warning that such claims are part of its deceptive marketing strategy aimed at defrauding unsuspecting users.
Source : https://nairametrics.com/2025/05/01/
