SUN, JUNE 11 2023-theGBJournal |The Securities and Exchange Commission (SEC) Nigeria said that crypto assets trader, Binance Nigeria Limited is operating illegally in Nigeria, and warned that Any member of the investing public dealing with the entity is doing so at his/her own risk.
”Binance Nigeria Limited is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal,” SEC said a secular over the weekend.
SEC issued the secular when its attention was 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.
According to SEC, ”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.”
The Commission consequently directed Binance Nigeria Limited to immediately stop soliciting Nigerian investors in any form whatsoever while promising to provide updates on further regulatory actions with respect to the activities of Binance Nigeria Limited, and other similar platforms.
It said it shall work with other regulators in Nigeria to provide further guidance on this matter.
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