BREAKING: SEC Bans Binance Operation In Nigeria, Declares It Illegal Entity

Date: 10-06-2023 10:00 am (3 months ago) | Author: Olusanya Akinrinola
- at 10-06-2023 10:00 AM (3 months ago)
(m)

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.

As the regulator with the statutory mandate of investor protection, the Commission urges Nigerians to be wary of investing in crypto-assets, and crypto-asset related financial products and services if the service provider/its platform is not registered or regulated by the Commission. Nigerian investors are hereby warned that investing in crypto-assets is extremely risky and may result in total loss of their investment.

By this circular, Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever.

The Commission shall provide updates on further regulatory actions with respect to the activities of Binance Nigeria Limited, and other similar platforms and shall work with other regulators in Nigeria to provide further guidance on this matter.

Signed

Management

Posted: at 10-06-2023 10:00 AM (3 months ago) | Hero
- gogoman at 10-06-2023 10:19 PM (3 months ago)
(m)
 Roll Eyes Roll Eyes Roll Eyes
Posted: at 10-06-2023 10:19 PM (3 months ago) | Grande Master
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- nikiniki at 12-06-2023 03:08 AM (3 months ago)
(f)
Anytime you thieves are not benefiting from a deal , you call it illegal. It is a website and anyone can trade there!
Posted: at 12-06-2023 03:08 AM (3 months ago) | Gistmaniac
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- natalie183 at 29-08-2023 11:15 PM (3 weeks ago)
(f)
It's concerning to learn that Binance Nigeria Limited is operating without registration and regulation by the Commission, making its activities illegal. Investing in crypto-assets has become increasingly popular, and it's crucial for the investing public to be well-informed and cautious. The phrase "sell bitcoin in naira" is a common practice that has gained traction in Nigeria's growing crypto landscape. However, the SEC's warning emphasizes the need for due diligence and choosing platforms that are registered and regulated to ensure a safer investment environment. For example, BitPapa dedicated to the African market and support a variety of payment methods to sell bitcoin in naira, including bank transfers, which is convenient for many users. Their customer support has been surprisingly responsive, which is a big plus in the world of crypto where timely assistance can be crucial.
Posted: at 29-08-2023 11:15 PM (3 weeks ago) | Newbie
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