The Securities and Exchange Commission (SEC) of Nigeria has issued a definitive statement, explicitly clarifying that Binance Nigeria is neither registered nor regulated by the SEC. This official declaration categorizes the operations of the renowned global cryptocurrency exchange, Binance, within Nigeria as illegal and unauthorized.
In an official statement published on its website, the SEC emphasized that Binance Nigeria Limited, a subsidiary of Binance, has been actively promoting its web and mobile platforms to the Nigerian public. However, the regulatory body firmly asserted that such activities directly contravene Nigerian law and are therefore not permissible.
With a resolute stance, the SEC strongly advised Nigerians to exercise utmost caution and refrain from engaging with unregistered and unregulated platforms, specifically singling out Binance Nigeria as a platform to be avoided. This advisory serves as a precautionary measure to protect investors and users from potential risks associated with unscrupulous entities operating outside the regulatory framework.
The SEC’s notice comes in the wake of recent developments involving Binance.US, the United States subsidiary of the global exchange, which faced a lawsuit filed by the U.S. SEC. The lawsuit accused Binance US of operating an illegal securities exchange, shedding additional light on the global exchange’s operations and attracting heightened scrutiny.