SHALOM OLALEYE
The Security and Exchange Commissions, SEC, has deemed Binance illegal in Nigeria.
This was as a result of the blockchain ecosystem not being registered or regulated by the commission.
The SEC in a statement said,
“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.”
Furthermore, “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.
By this circular, Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever.”
