SEC Bans Binance Nigeria Limited: It Is An Illegal Entity - Investment

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SEC Bans Binance Nigeria Limited: It Is An Illegal Entity - Investment - Nairaland

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SEC Bans Binance Nigeria Limited: It Is An Illegal Entity by nairalandkachy1: 9:48am On Jun 10, 2023

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 his/her own risk.

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.

The Commission shall provide updates on further regulatory actions with respect to the activities of Binance Nigeria Limited, and other similar platforms and shall work with other regulators in Nigeria to provide further guidance on this matter.

Signed

Management

June 09, 2023

https://sec.gov.ng/circular-on-the-activities-of-binance-nigeria-limited/?fbclid=IwAR3RLVY2RaH35ScqlepjHJl_kWsA3xwnT7N9FeAVwcJDK7YbiO8HVnxlCpo

9 Likes 2 Shares

Re: SEC Bans Binance Nigeria Limited: It Is An Illegal Entity by saintjimos(m): 10:14am On Jun 10, 2023

What's all this

31 Likes 2 Shares

Re: SEC Bans Binance Nigeria Limited: It Is An Illegal Entity by doyin01: 11:22am On Jun 10, 2023

Hmmm

5 Likes

Re: SEC Bans Binance Nigeria Limited: It Is An Illegal Entity by Nahunger(m): 11:37am On Jun 10, 2023

Wow

Re: SEC Bans Binance Nigeria Limited: It Is An Illegal Entity by Finestgurlie(f): 11:37am On Jun 10, 2023

I remembered when buhari entered newly, people where busy hailing his imaginary body ~~odour~~ language that he's working immediately.
something similar is also happening today people hailing the drug baron so early.
don't worry e go play for our eyes.
one thing is certain and just like Buhari failure, Tinubu is bound to fail because you can't build a mansion on faulty foundation and expect success.
the process that brought Tinubu is flawed and cruel so his failure is imminent.
we go see am.

202 Likes 25 Shares

Re: SEC Bans Binance Nigeria Limited: It Is An Illegal Entity by Kusheer(m): 11:37am On Jun 10, 2023

Omor

Re: SEC Bans Binance Nigeria Limited: It Is An Illegal Entity by 9jagovernor: 11:37am On Jun 10, 2023

They're not referring to Finance as a whole but a company that name itself binance Nigeria

93 Likes 8 Shares

Re: SEC Bans Binance Nigeria Limited: It Is An Illegal Entity by yomalex(m): 11:37am On Jun 10, 2023

Okay o

Re: SEC Bans Binance Nigeria Limited: It Is An Illegal Entity by mariovito(m): 11:37am On Jun 10, 2023

These guys just like to set us back.

First you ban crypto, how did you expect them to get your so called license?

Anyway, now that the ban on crypto has been lifted, I believe Binance will do the needful and regularize their position.

21 Likes 4 Shares

Re: SEC Bans Binance Nigeria Limited: It Is An Illegal Entity by sotall(m): 11:37am On Jun 10, 2023

While it is right that operators of digital assets needs to be regulated and ensure customers money is in safe hands, the government regulatory bodies such as this fake SEC of Nigeria are financial hypocrites and thieves and worse than the digital assets companies they are trying to regulate.

Nigerians would rather keep their money with Binance where the money is safe and very low inflation than keep it in Nigeria banks where the government keeps printing money out of thin air leading to inflation.

19 Likes 1 Share

Re: SEC Bans Binance Nigeria Limited: It Is An Illegal Entity by tobenuel(m): 11:38am On Jun 10, 2023

Which one be Binance Nigeria again??.
Ihe neme Kwa o

14 Likes 1 Share

Re: SEC Bans Binance Nigeria Limited: It Is An Illegal Entity by nairalanda1(m): 11:38am On Jun 10, 2023

Crypto issa SCAM.

Until there is a central regulator that we can turn to like in CBN for real money....crypto is just paper money with no regulation.

10 Likes

Re: SEC Bans Binance Nigeria Limited: It Is An Illegal Entity by GENES11S: 11:38am On Jun 10, 2023

In developed countries, Crypto exchange trading rate obeys the country's exchange policies (for the host country against other countries).

In Nigeria, CBN exchange rate is around 460 naira to dollar. Crypto has never obeyed this, not even once.
Their exchange rate is usually around 740 to 840 therefore contributing to the downfall of Naira while promoting the dollar.

Even payment company like PayPal had to obey every countries monetary policy. It's either you accept it or you don't operate there. It's simple.

Nigerians should shun crypto for now until they take our monetary policy seriously. Right now, we are helping them to destroy our economy.

43 Likes 2 Shares

Re: SEC Bans Binance Nigeria Limited: It Is An Illegal Entity by castrokins(m): 11:38am On Jun 10, 2023

They're Not Binance!

5 Likes

Re: SEC Bans Binance Nigeria Limited: It Is An Illegal Entity by iscom(m): 11:38am On Jun 10, 2023

1 Like

Re: SEC Bans Binance Nigeria Limited: It Is An Illegal Entity by Winters23: 11:38am On Jun 10, 2023

Re: SEC Bans Binance Nigeria Limited: It Is An Illegal Entity by ebenezary(m): 11:38am On Jun 10, 2023

then leave me and my risk alone

5 Likes 2 Shares

Re: SEC Bans Binance Nigeria Limited: It Is An Illegal Entity by chaseblack(m): 11:38am On Jun 10, 2023

Ok, anyone still trading crypto is gullible. The money in crypto right now is akin to gambling some will win some will lose, be wise!

10 Likes 1 Share

Re: SEC Bans Binance Nigeria Limited: It Is An Illegal Entity by MorolayoVictor(m): 11:39am On Jun 10, 2023

Theseidiots have started again.

Re: SEC Bans Binance Nigeria Limited: It Is An Illegal Entity by thatigboman: 11:39am On Jun 10, 2023

Crypto is the new naira, crypto is the new this and that, shey una eyes don clear. US govt is seriously deadly with this same Binance Company. Very soon, many more countries will join.

Re: SEC Bans Binance Nigeria Limited: It Is An Illegal Entity by onatisi(m): 11:39am On Jun 10, 2023

doyin01:
The binance exchange does not use " binance Nigeria limited "...That is another company entirely...

I don't think Binance exchange have any major office in Nigeria o. And if so then this is a timely warning to all Nigerians who may be thinking Binance Nigeria is the same as Binance exchange

18 Likes 2 Shares

Re: SEC Bans Binance Nigeria Limited: It Is An Illegal Entity by Jubrilv(m): 11:39am On Jun 10, 2023

It's okay

Re: SEC Bans Binance Nigeria Limited: It Is An Illegal Entity by BarrElChapo(m): 11:39am On Jun 10, 2023

Good one but the problem is that the regulators themselves have little or no knowledge on what they're doing.

7 Likes 1 Share

Re: SEC Bans Binance Nigeria Limited: It Is An Illegal Entity by Nobody: 11:39am On Jun 10, 2023

what concerns them? na dia money. Harmonize the exchange rates and see all these crypto market operating in nigeria natually loose customers.

3 Likes 1 Share

Re: SEC Bans Binance Nigeria Limited: It Is An Illegal Entity by Offpoint1: 11:40am On Jun 10, 2023

I need clarification... Binance or "Binance Nigeria"?

Before I know where to attack president Bala Blue

8 Likes

Re: SEC Bans Binance Nigeria Limited: It Is An Illegal Entity by Antell95(m): 11:40am On Jun 10, 2023

PLEASE someone help me with a laptop. please!

3 Likes

Re: SEC Bans Binance Nigeria Limited: It Is An Illegal Entity by inoki247: 11:40am On Jun 10, 2023

You people are mad....

And which one Be Binance Nigeria sef dere is nothing like Binance Nigeria sef or some people don dey use dem run MMM type of scamm...

2 Likes

Re: SEC Bans Binance Nigeria Limited: It Is An Illegal Entity by Racing(m): 11:40am On Jun 10, 2023

Some people would come now and display their ignorance about Binance and crypto in general. They won't bother to read this secular.

10 Likes

Re: SEC Bans Binance Nigeria Limited: It Is An Illegal Entity by obembet(f): 11:40am On Jun 10, 2023

US want to Force themselves on us

Re: SEC Bans Binance Nigeria Limited: It Is An Illegal Entity by Tradepunter2: 11:40am On Jun 10, 2023

9jagovernor:
They're not referring to Finance as a whole but a company that name itself binance Nigeria

Nigerians lack the ability to read and understand

22 Likes

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