Nigeria’s Securities and Exchange Commission (SEC) has warned Nigerians against investing or trading on Binance, the world’s largest crypto exchange by trading volume. The Commission, as part of its “statutory mandate of investor protection,” warned local investors of the risk of trading in crypto assets, tagging it as a “high level of risk” which may result in total loss of investments.

Crypto Exchange’s Operations Tagged As “Illegal”

According to the circular released by the Commission on July 28, it stated that the operations of Binnace in the country are illegal as the company is neither registered nor regulated by the Commission. 

The circular read:

The Commission again reiterates that the activities of Binance, https://www.binance.com and any such other platform through which the Company solicits investors is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal.

The regulator had earlier released a similar circular in June warning locals about trading on the website operated by “Binance Nigeria Limited.” It also directed the company to cease soliciting funds from investors in any form.

BNB price holds $244 amid exchange's woes | Source: BNBUSD on Tradingview.com

Who Runs Binance Nigeria Limited?

Binance has stated that it doesn’t own or run Binance Nigeria Limited. In a tweet made back in June by CEO Changpeng Zhao, he categorically stated that the exchange had no affiliation with Binance Nigeria Limited and that his company cease and desist notice to the “scammer entity.” He a

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Author: Scott Matherson

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