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Mon, Jul 31, 2023 8:55 PM

Nigerian Securities and Exchange Commission Issues Warning to Binance

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Nigerian Securities and Exchange Commission Issues Warning to Binance
The Nigerian Securities and Exchange Commission (SEC) has reiterated its warning that Binance's operations in the country are illegal. Binance, one of the leading cryptocurrency platforms in Nigeria, has yet to respond to the regulatory body's notice. Despite the warning, Binance remains popular in the country, with its trading pair reaching high volumes. The company recently obtained regulatory approval in Dubai after exiting several European markets. The Nigerian SEC had previously declared Binance Nigeria Limited's operations illegal and cautioned investors against using the platform.

The Nigerian Securities and Exchange Commission (SEC) has issued a renewed warning to Binance, a major cryptocurrency exchange operating in the country. According to a statement released on July 28, the regulator highlighted that Binance's activities in Nigeria are illegal and emphasized that the company is neither registered nor regulated by the Commission.

The SEC specifically mentioned Binance's official website, https://www.binance.com, as well as any other platform used by the company to solicit investors. At the time of this article's writing, Binance had not responded to the CryptoSlate request for comment.

Despite the regulatory warning, Binance remains a prominent cryptocurrency platform in Nigeria. The exchange has solidified its position as a market leader following the collapse of FTX. Data from the platform shows that Binance's USDT/Naira trading pair has reached a volume of nearly $500,000 in the past 24 hours.

Interestingly, this warning comes at a time when Binance recently obtained regulatory approval in Dubai, after facing challenges in various European markets. Earlier this month, the exchange announced that it had become the first digital asset exchange to receive an Operational Minimum Viable Product (MVP) license in the region.

Binance's exit from several European markets, including the Netherlands, Cyprus, Germany, and the U.K, is a result of the company's failure to obtain necessary regulatory approval. A spokesperson for the exchange indicated that the company is now focused on complying with the forthcoming Markets in Crypto Assets (MiCA) regulations in order to offer its services in Europe.

In June, the Nigerian SEC already declared Binance Nigeria Limited's operations illegal and advised the public to refrain from using the platform. Binance clarified, however, that the Nigerian firm mentioned by the financial watchdog is unaffiliated with Binance.com. CEO Changpeng 'CZ' Zhao further stated that the exchange had issued a cease and desist notice to the unrelated and fraudulent entity. Nevertheless, the latest statement from the Nigerian SEC reaffirms its warning about Binance's activities in the country.

Source of content: OOO News 2023-07-31 News

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