Nigeria SEC declares Binance operations in country illegal

Nigeria SEC declares Binance operations in country illegal



Binance Nigeria, a subsidiary of the world's largest cryptocurrency trading platform Binance, was officially declared illegal by the Securities and Exchange Commission (SEC) of Nigeria. On July 9, the SEC issued a statement indicating that Binance had been promoting its web and mobile platforms to Nigerian users without adhering to regulatory requirements or registering with the commission.



The SEC expressed concerns, emphasizing that Binance Nigeria lacks authorization or regulation by the commission, rendering its operations in the country unlawful. As the primary regulatory body responsible for safeguarding investors, the SEC warned of significant risks associated with engaging with Binance Nigeria or similar unregistered platforms. Investors were advised to exercise caution when dealing with crypto-assets and related financial


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