Binance’s Activities Are Illegal: Nigeria’s SEC
The Nigerian Securities and Exchange Commission (SEC) has ruled that Binance’s activities are illegal in the country. The SEC has ordered all crypto platform providers to stop soliciting Nigerian citizens and reiterated a June 9 warning regarding Binance Nigeria Ltd. The SEC specifically referred to the crypto exchange’s website.
The SEC views all crypto as securities and is processing trial registrations for exchanges. The country will not complete registration until an agreement with the central bank is reached, which has blocked local financial institutions from interacting with crypto services providers. The Commission advises public against investing in crypto assets and products from unregistered or regulated entities. Platform providers are directed to stop soliciting Nigerian investors in any form.
(With inputs from Shikha Singh)
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