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

June 10, 2023 James Oliver Cryptocurrency News, World 1

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 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.

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.

See Also:  2024 Paris Olympics: 'Don't dictate women's attire', UN on France's Olympic hijab ban

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.

Related Stories:

Nigeria Demands $10 Billion from Binance in CompensationNigeria Demands $10 Billion from Binance in Compensation Stimulus Check Bonanza: These 5 States Giving Out Extra Cash of Over $4000 To TaxpayersBinance.US freezes USD deposits and fiat withdrawals: Reasons and implications Stimulus Jan. 2023: 8 American States Sending Money, Check If You Are EligibleWhat’s behind Binance’s suspension of USD deposits and withdrawals? Binance Records Net Inflow of $1.2B in 24 HoursWake up, Binance — we have the Japanese market to conquer Porsha Williams and Simon Guobadia tie the knot in a Nigerian ceremonyPorsha Williams and Simon Guobadia tie the knot in a Nigerian ceremony Binance Records Net Inflow of $1.2B in 24 HoursBNB Price Crashes 9% After Binance Faces Lawsuit From US Binance and SEC Reach an Agreement to Protect US Customers' AssetsBinance and SEC Reach an Agreement to Protect US Customers’ Assets Binance Records Net Inflow of $1.2B in 24 HoursBinance Pulls Out of UK, Following Netherlands and Cyprus, Cites ‘Unfavorable Regulatory Environment’
F.R.I.E.N.D.S. star James Michael Tyler dies of prostrate cancer
About James Oliver 175 Articles
I am a lover of all arts and therefore can dream myself in all places where the World takes me. I am an avid animal lover and firmly believes that Nature is the true sorcerer.

Be the first to comment

Leave a Reply

Your email address will not be published.