Binance banned in Nigeria by FG, details

By: Omajemite DonJune 10, 20232 min read

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Binance banned in Nigeria by SEC.

The Nigerian Securities and Exchange Commission (SEC) has taken a decisive step by banning the operations of Binance, declaring it an illegal entity in Nigeria. This development was communicated through a statement obtained by Ejes Gist News Nigeria on Saturday morning.

According to the statement, the SEC expressed concern over Binance Nigeria Limited, a website that actively solicits the Nigerian public to engage in crypto asset trading on its various web and mobile platforms. However, the SEC clarified that Binance Nigeria Limited is neither registered nor regulated by the Commission, making its operations in Nigeria illegal. The Commission warns that any individual dealing with the entity does so at their own risk.

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Binance banned in Nigeria

As the regulatory body responsible for investor protection, the SEC strongly advises Nigerians to exercise caution when investing in crypto assets and related financial products and services. It emphasizes that if the service provider or its platform is not registered or regulated by the Commission, investing in crypto assets carries extreme risks and may lead to the total loss of investments.

Binance banned in Nigeria and it’s Operations

In light of this circular, Binance Nigeria Limited has been directed to immediately cease soliciting Nigerian investors in any form. The SEC further assures the public that updates on additional regulatory actions regarding the activities of Binance Nigeria Limited and similar platforms will be provided. Additionally, the Commission will collaborate with other regulators in Nigeria to offer further guidance on this matter.

Has Binance been banned in Nigeria?

Binance has been banned in Nigeria as illegal entity…

Is Binance illegal in Nigeria?

As of today June 10, 2023 Binance is now illegal financial investment portfolio.

Author: Omajemite Don

He is a Senior News Editor with more than 10 years of experience in journalism, digital publishing, and content development. He covers politics, business, technology, and public affairs, with a focus on accurate, fact-based reporting. Beyond journalism, he is a web developer and the creator of BotFend Anti-Bot Firewall, a WordPress security plugin designed to protect websites from malicious bots, scrapers, and automated attacks. Contact: [email protected].