Nigeria Securities and Exchange commission (SEC) declares binance operations in Nigeria illegal.
This simply means that Binance Nigeria has been directed to immediately stop soliciting Nigerian investors in any form whatsoever. This was in a statement dated June 9, 2023.It said the Company was not registered or regulated making it illegal.
The statement signed by the SEC’s management read thus: “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 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.
SEC claims that Binance Nigeria Limited which is a subsidiary of the well known global crypto currency exchange Binance has Been actively promoting it's web and mobile enabled platforms to Nigerians whereas it's not being regulated which makes its activities in this country illegal.
Now if you have been in the crypto space for a while you will see that this is coming a few weeks after crypto currency in Nigeria got more engagement by the government. If you ask yourself why didn't the ban on binance happen a long time ago because Binance has been operating in Nigeria for a long time now it's simply due to the fact that immediately the Nigerian government decided to allow the crypto space some breathing space by enacting some laws there was always going to be regulations, checks and balances and more regulation. It's simply an after effect of the decision made by Nigeria government to support the growth of Crypto currency in Nigeria.