The Securities and Exchange Commission (SEC) has declared the operations of Binance illegal in Nigeria.
The Nigerian market Regulator stated that Binance is neither registered nor regulated by it, and its operations in the country are illegal.
It warned that anyone conducting business on the exchange website is doing so at their own risk.
It said, “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 and its operations in Nigeria are therefore illegal. Any member of the investing public dealing with the entity is doing so at his/her own risk.”
The commission further urged Nigerians to be cautious of investing in crypto-assets and crypto-asset-related financial products and services if the service provider/ platform is not registered or regulated by it.
Also, The U.S. Securities and Exchange Commission on Monday sued Binance and Coinbase for allegedly breaching its rules.
On Thursday, Binance US said it was suspending US dollar deposits and withdrawals following the enforcement action taken by the US’s SEC.