Binance cryptocurrency exchange is illegal in Nigeria. About this stated in the Securities Commission.
"In addition to the Commission's previous circular dated June 9, 2023 [...] the activities of Binance, www.binance.com and any other platform through which the company solicits investors are not registered or regulated by the Commission," the statement said.
SEC officials added that an investor who chooses to interact with the platform "does so at his own risk."
"The Commission hereby warns the public that investing in crypto-assets is associated with a high level of risk and may lead to a complete loss of funds," the regulator emphasized.
In June, the SEC reported the illegal activities of Binance Nigeria Limited. However, Binance called the organization "fraudulent" and demanded that it cease operations.
In January 2022, the company blocked 281 accounts of traders from Nigeria in order to prevent money laundering and ensure the safety of the platform.
We will remind you that in May 2023, the SEC announced that cryptocurrencies will remain banned. Asset-backed tokens may be an exception.
The agency does not intend to issue crypto platform licenses until an agreement on standards is reached with the local central bank. In 2021, the latter banned commercial financial institutions from providing services to bitcoin exchanges and companies working with digital assets.
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