SEC Imposes Ban On Binance Operation in Nigeria

A crypto currency exchange platform popularly known as Binance has been banned from operation in Nigerian by the Federal government

The imposition on the operations of Binance Nigeria Limited is was revealed in a circular issued by the Securities and Exchange Commission.

The commission directed Binance to “immediately stop soliciting Nigerian investors in any form whatsoever.”

The circular reads; “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.

“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.

“Nigerian investors are hereby warned that investing in crypto-assets is extremely risky and may result in total loss of their investment.

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

“The Commission shall provide updates on further regulatory actions with respect to 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.”