The Securities and Exchange Commission (SEC) has declared the activities of popular tech company, Binance illegal in Nigeria.
According to a circular published on the commission’s website, Binance is neither registered nor regulated by the commission. So, its operations in the country are deemed illegal.
It read “The attention of the Securities and Exchange 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.”
It continued further that “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 added that it will provide updates on regulatory actions which will be taken with respect to the activities of Binance Nigeria Limited and other similar platforms in the country.
