Binance is illegal in Nugeria– SEC

The Securities and Exchange Commission just made it public that

“The attention of the Securities and Exchange Commission (the Commission) has been drawn to the website operated by Binance Nigeria Limited, soliciting the Nigerian public to trade crypto assets on its various web and mobile-enabled platforms.

“Binance Nigeria Limited is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal. Any member of the investing public dealing with the entity is doing so at his/her own risk,” 

SEC noted that “as the regulator with the statutory mandate of investor protection, the Commission urges Nigerians to be wary of investing in crypto-assets, and crypto-asset related financial products and services if the service provider/its platform is not registered or regulated by the Commission.”T

SEC warned investing in crypto-assets is risky and may lead to total investment loss.

“By this circular, Binance Nigeria Limited is hereby directed to stop soliciting Nigerian investors in any form whatsoever immediately.


“The Commission shall provide updates on further regulatory actions concerning the activities of Binance Nigeria Limited and other similar platforms and shall work with other regulators in Nigeria to provide further guidance on this matter,” the SEC concluded.

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