Breaking: Binance Operations in Nigeria Banned by Tinubu Government
In a recent development, the administration led by President Bola Tinubu has imposed a ban on the operations of Binance Nigeria Limited. The ban was communicated through a circular issued by the Securities and Exchange Commission (SEC).
The circular, which has been obtained, highlights that Binance Nigeria Limited is not registered or regulated by the Commission, rendering its operations in Nigeria illegal…….Continue Reading
According to the circular, the SEC has taken note of the website operated by Binance Nigeria Limited, which solicits the Nigerian public to engage in the trading of crypto assets on its various web and mobile-enabled platforms. The Commission emphasizes that investing in crypto-assets and related financial products and services without the registration and regulation by the SEC poses significant risks to investors. It warns that investing in such assets can result in a total loss of investments.
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As the regulatory body responsible for investor protection, the Commission urges Nigerians to exercise caution when dealing with crypto-assets and associated services if the service provider or platform is not registered or regulated by the SEC.
To enforce the ban, the circular directs Binance Nigeria Limited to cease all forms of solicitation of Nigerian investors immediately.
The SEC also indicates that further updates and regulatory actions regarding the activities of Binance Nigeria Limited and similar platforms will be provided. The Commission intends to collaborate with other regulators in Nigeria to provide additional guidance on this matter.
The ban imposed by the Tinubu government serves as a reminder to Nigerian investors to be vigilant and ensure they engage with registered and regulated entities in the cryptocurrency market. The government aims to protect investors and provide a stable and secure financial environment within the country.
