Nigeria’s Securities and Exchange Commission has banned the operations of the world’s largest crypto exchange, Binance, in the country, declaring it an illegal entity.

In a statement signed on June 9, the commission said its attention had 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,” parts of the statement read.

Regarding itself as “the regulator with the statutory mandate of investor protection, the commission urged 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.”

Read more at

https://www.premiumnews.com.ng/2023/06/just-in-sec-bans-binance-operations-in.html