The activities of crypto exchange company, Binance in Nigeria have been declared illegal by the Securities and Exchange Commission (SEC) of Nigeria. Federal regulators in the United States had sued Binance, the world’s largest crypto exchange, accusing the company of running an illegal exchange in the US and raking in billions of dollars’ worth of customer funds.
Crypto Company, Binance Operations Illegal, Not Registered; Trade At Your Own Risk – Regulator, SEC Warns NigeriansThe Securities and Exchange Commission, Wall Street’s primary regulator, alleges the company acted in “blatant disregard” of US securities laws. It also named Binance’s CEO Changpeng Zhao, known as CZ, as a defendant.
The Securities and Exchange Commission, Wall Street’s primary regulator, alleges the company acted in “blatant disregard” of US securities laws. It also named Binance’s CEO Changpeng Zhao, known as CZ, as a defendant. SEC that issued the warning after Nigeria passed a 10% tax on digital assets in its new Finance Act for the year 2023, said the company’s activities are in violation of Nigerian law urging Nigerians to exercise caution when dealing with unregistered and unregulated platforms such as Binance Nigeria.
“As the regulator with the statutory mandate of investor protection, the Commission urges Nigerians to be wary of investing in crypto-assets, and crypto-asset related financial products and services if the service provider/its platform is not registered or regulated by the Commission. Nigerian investors are hereby warned that investing in crypto-assets is extremely risky and may result in total loss of their investment.
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