SEC declares Binance operation in Nigeria Illegal

The Securities and Exchange Commission (SEC) of Nigeria has issued a firm statement, explicitly stating that Binance Nigeria is not registered or regulated by the SEC.

This declaration deems the operations of the popular global cryptocurrency exchange, Binance, within Nigeria as illegal.

In an official statement published on its website, the SEC highlighted that Binance Nigeria Limited, a subsidiary of Binance, has been actively promoting its web and mobile-enabled platforms to the Nigerian public.

However, the regulatory body firmly asserted that such activities are in direct violation of Nigerian law.

The SEC has strongly advised Nigerians to exercise caution and refrain from engaging with unregistered and unregulated platforms, specifically mentioning Binance Nigeria as one such platform to avoid.

This notice from the SEC follows recent developments where Binance.US, the United States subsidiary of the global exchange, faced a lawsuit filed by the U.S. SEC. The lawsuit accused Binance US of operating an illegal securities exchange, adding further scrutiny to the global exchange’s operations.

Furthermore, this announcement coincides with Nigeria’s implementation of a new Finance Act for the year 2023, which includes a 10% tax on digital assets.

As the regulatory landscape evolves and strengthens in Nigeria, individuals and businesses are urged to adhere to the legal framework and exercise caution when engaging with digital asset platforms.





FI