The Nigeria Securities and Exchange Commission (SEC Nigeria) says the operation of Binance Nigeria Limited, the Nigerian subsidiary of the world’s largest cryptocurrency exchange, Binance, is illegal.
The commission, in a statement published on its website on Friday, said Binance Nigeria Limited is neither registered nor regulated by the commission and its operations in Nigeria are therefore illegal.
It noted that any member of the investing public dealing with the entity is doing so at his/her own risk.
“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,”…