Global Markets

SEC bans Binance operations in Nigeria

SEC said Binance Nigeria Limited, a subsidiary of Binance, is not registered with or subject to its regulation in a statement posted on its website.

Binance Nigeria Limited’s operations in Nigeria are consequently prohibited because it is not registered with nor subject to the Commission’s regulation. Any investor interacting with the firm does so at their own risk, according to the statement.

The regulator went on to caution Nigerians against investing in cryptocurrencies, as well as financial products and services related to them, if the platform or service provider is not registered with or governed by the Commission.

The statement said, “Investing in crypto-assets is extremely dangerous and may result in entire loss of investment. Nigerian investors are hereby advised.
Binance Nigeria Limited is now instructed to immediately cease all forms of soliciting investors from Nigeria.

After Binance, comes this SEC notification.The US SEC has filed a lawsuit against US, the global exchange’s U.S. affiliate, alleging that it ran an unauthorized securities exchange. However, Binance rejected these claims, claiming they sought to unilaterally determine the structure of the cryptocurrency market.

Binance stated in a statement that “because Binance is not a US exchange, the SEC’s actions are limited in reach” and that “we intend to vigorously defend our platform.”

Still, it continued, “We are ready to fight the SEC’s newest overreach to the fullest extent of the law, and we stand with digital asset market players in the U.S. in opposition to it.

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