Binance’s Unit Ordered to Halt ‘Illegal’ Operation
According to a Friday circular, the local Securities and Exchange Commission has ordered Binance’s Nigerian unit to immediately cease operations in the country.
“Binance Nigeria Limited is neither registered nor regulated by the Commission, and its operations in Nigeria are therefore illegal,” according to the notice.
Nigeria’s order follows a lawsuit filed last Monday by the US Securities and Exchange Commission against the largest global crypto exchange by market capitalization, alleging it failed to register as a broker or exchange and sold unregistered securities to the general public.
Although Nigeria’s SEC previously stated that it considered all crypto assets to be securities by default, this appears to be the regulator’s first action against a major exchange platform.
(With inputs from Shikha Singh)
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