Nigeria’s Securities and Exchange Commission has declared the Binance exchange’s activities in the country illegal.
Critical decision about Binance from Nigeria
The Nigerian Securities and Exchange Commission recently declared Binance “illegal”. As Binance struggles to overcome the challenges in the US, restrictive resolutions from other countries keep coming.
According to the statement released by the Nigerian SEC, Binance was neither registered nor regulated by the commission. For this reason, the exchange’s operations in the country were declared “illegal”. In addition, the regulator ordered Binance to stop Nigerians from investing in the platform. In particular, he warned that legal action would be taken against crypto exchanges.
The main headings of the statement published by the Nigerian SEC are as follows:
“Neither registered nor audited”
“The website operated by Binance Nigeria Limited, which is asking the Nigerian public to trade cryptocurrencies on its various web and mobile-enabled platforms, has caught the attention of the Securities and Exchange Commission. Binance Nigeria Limited is neither registered nor regulated by the Commission. Therefore, its activities in Nigeria are illegal. Any member of the investing public doing business with the entity does so at his own risk.”
‘Risk’ message to Nigerian crypto investors
“As the regulatory body with the statutory authority of investor protection, the SEC urges Nigerians to refrain from investing in crypto-related financial products and services unless the service provider/platform is registered or regulated by the Commission. Nigerian investors have been warned that investing in cryptocurrencies here is extremely risky and could result in a complete loss of their investment.”
“With this circular, Binance Nigeria Limited must immediately stop soliciting Nigerian investors in any way. The Commission will provide updates on other regulatory actions related to the activities of Binance Nigeria Limited and other similar platforms. It will work with other regulators in Nigeria to provide further guidance on this matter.”
Regulatory moves against Binance continue to drag the crypto market down
Recently, Robinhood announced that it will end support for ADA, MATIC, and SOL due to the SEC lawsuit. Also, TrueUSD has stopped its mint transactions through Prime Trust. TrueUSD’s announcement caused its stablecoin TUSD to lose its dollar peg.
Another blow to the crypto market, which woke up red to the weekend, came from crypto firm Scimitar Capital. The company announced that it has made a strategic decision to liquidate crypto. He is thought to have liquidated $2 billion worth of altcoins last Friday evening.
cryptocoin.comAs you can follow, during the developments above, there is a 20% decrease in the overall market. While Bitcoin remained relatively strong, Solana and Cardano recorded over 20%.
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Hot Development: Binance Declared “Illegal” in This Country!