We provide Instant breaking news alerts and information about the day's most talked-about stories around Nigeria, Africa and the world trending news.
SEC declares Binance illegal, says Nigerians investing at own risks
The Securities and Exchange Commission (SEC) has declared the activities of Binance in Nigeria illegal.
This is according to a published circular on the commission’s website dated June 9, 2023.
The commission stated that Binance is neither registered nor regulated by it, and its operations in the country are illegal.
Related Posts
It noted that anyone conducting business on the exchange is doing so at their own risk.
It said, “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.”
The commission further urged Nigerians to be wary of investing in crypto-assets and crypto-asset-related financial products and services if the service provider/ platform is not registered or regulated by it.
