P@nic grips crypto traders as SEC bans Binance operation in Nigeria, declares it an illegal entity

Nigeria’s Securities and Exchange Commission (SEC) has declared Binance’s operations in Nigeria illegal..

According to a statement published on its website, any trading by Nigerians on Binance Nigeria Limited, a subsidiary of the popular global cryptocurrency exchange Binance, is at your own risk.

The SEC noted that the company’s activities violate Nigerian law, urging Nigerians to exercise caution when dealing with unregistered and unregulated platforms like Binance Nigeria. The statement from the SEC reads: “The Securities and Exchange Commission (Committee) has brought to its attention a website operated by Binance Nigeria Limited that engages the Nigerian public to trade crypto assets on supporting platforms. different mobile and web support.

Binance Nigeria Limited is neither registered nor regulated by the Commission and therefore its operations in Nigeria are illegal. Any member of the investing public dealing with the entity does so at their own risk.

As a regulatory body with statutory investor protection mandate, the Commission urges Nigerians to exercise caution when investing in crypto assets and related financial products and services. crypto asset if its service/platform provider is not registered or regulated by the Commission. Nigerian investors are warned that investing in crypto assets is extremely risky and could result in the loss of their entire investment.

According to this circular, Binance Nigeria Limited is instructed to immediately stop soliciting Nigerian investors of any kind.
The Commission will provide updates on further regulatory actions regarding the activities of Binance Nigeria Limited and other similar platforms, and will work with other regulators in Nigeria to provide further guidance in this regard.”

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