The Securities and Exchange Commission (SEC) of Nigeria has declared the activities of Binance in Nigeria illegal.
According to a statement published on its website, any Nigerian trading on Binance Nigeria Limited, a subsidiary of the well-known global cryptocurrency exchange Binance, is doing so at his or her own risk.
SEC noted that the company’s activities are in violation of Nigerian law urging Nigerians to exercise caution when dealing with unregistered and unregulated platforms such as Binance Nigeria.
The statement from SEC reads, “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 & its operations in Nigeria are therefore illegal.