The Securities and Exchange Commission declared Binance’s activities in Nigeria illegal, as disclosed in a recent statement published on the Commission’s website.
The statement declared Binance’s operations in Nigeria illegal, as the exchange is not registered or regulated by the Commission. It also cautioned that trading on the platform is at the user’s risk.
According to the statement;
“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 their own risk.”
The Commission advised Nigerians not to invest in cryptocurrencies or cryptocurrencies-related financial products and services without proper licensing or regulation of the platform or service provider.
it added;
“Nigerian investors are at this moment warned that investing in crypto-assets is extremely risky and may result in total loss of their investment”,
Binance is facing a lawsuit in the United States after the US SEC filed charges against it on Monday.
cc: Daily Post Ng
