SEC’s Binance Ban Intensifies Crypto Troubles, Adding to Industry Woes

The Securities and Exchange Commission has declared the activities of Binance illegal in Nigeria, in a move that could further worsen access to cryptocurrency for many Nigerians.

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 operation in the country are illegal.

It noted that anyone conducting business on the exchange is doing it at their 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.

It added, “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.”

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