The Securities and Exchange Commission, SEC, in Nigeria has prohibited Binance operations in the country, announcing it as an unlawful entity.
According to a statement signed on Friday, June 9, the commission stated that its attention had been drawn to the unregistered Binance Nigeria Limited website, where it was canvassing to the Nigerian public to trade crypto assets on its various web and mobile-enabled platforms.
The statement had partly read:
“Binance Nigeria Limited is not registered or regulated by the country’s Securities and Exchange Commission, SEC, therefore, all its workings in Nigeria are prohibited. Members of the investing public associating with the company does so at his/her own risk.”
“Nigerian investors should note that investing in crypto-assets is high-risk and may result in the complete loss of their investment.
This circular is therefore ordering Binance Nigeria Limited to forthwith stop soliciting Nigerian investors in any form whatsoever.”
Additionally, SEC has disclosed that it would announce more measures to be taken against the company in due time.
Recall that the Central Bank of Nigeria, CBN, had previously banned citizens from trading cryptocurrency through Binance’s official channels in 2021.
