The Securities and Exchange Commission (SEC) has declared the activities of a cryptocurrency platform Binance illegal in Nigeria.
SEC in statement published on its website on Friday, said that Binance is neither registered nor regulated by the commission.
It warned Nigerians against conducting business with exchange, noting that anyone doing is at their 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,” the statement read.
“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 their 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.”
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.