Nigerian SEC Declares Binance an Illegal Entity, Orders It to Cease Operations

The Securities and Exchange Commission (SEC) of Nigeria has banned the operation of Binance in the country, declaring it an illegal entity. The SEC said in a statement that Binance is not registered with the commission and is therefore not authorized to operate in Nigeria. The statement also warned Nigerians against using Binance to trade or invest in cryptocurrencies.

This is not the first time that Binance has been in trouble with regulators. In 2021, the company was ordered to stop trading in China and was also banned from operating in the United Kingdom. Binance has also been accused of market manipulation and insider trading.

The ban on Binance in Nigeria is a setback for the cryptocurrency industry in the country. Nigeria is one of the largest markets for cryptocurrency in Africa, and Binance was one of the most popular exchanges in the country. The ban is likely to lead to more Nigerians using unregulated exchanges, which could pose a risk to their investments.

Over 200 people came together for a #Binance meet-up in Nigeria! 🇳🇬

Attendees spent the day doing beach activities, discussing crypto, and learning about Binance and Web3.

Here’s some of the highlights 👇 pic.twitter.com/TlqqclUBS9

— Binance (@binance) May 30, 2023

The SEC has said that it is working on a regulatory framework for cryptocurrencies in Nigeria. However, it is unclear when such a framework will be in place. In the meantime, Nigerians who want to trade or invest in cryptocurrencies should do so only through regulated exchanges.

Here are some of the key takeaways from the SEC’s ban on Binance in Nigeria:

• Binance is not registered with the SEC and is therefore not authorized to operate in Nigeria.
• Nigerians are warned against using Binance to trade or invest in cryptocurrencies.
• The ban is a setback for the cryptocurrency industry in Nigeria.
• The SEC is working on a regulatory framework for cryptocurrencies in Nigeria.
• Nigerians who want to trade or invest in cryptocurrencies should do so only through regulated exchanges.

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