Nigeria’s Regulator Says Binance’s Activities Are Illegal in Country

The Nigerian Securities and Exchange Commission (SEC) issued a notice on July 28, declaring that the activities of crypto exchange Binance are illegal in the country and ordering all crypto platform providers to cease soliciting investors from Nigeria.

In the release, the SEC explained that this warning is an extension of their June 9 statement concerning Binance Nigeria Ltd., an entity that is not affiliated with the crypto exchange.

They stipulated that Binance’s website, https://www.binance.com, is unregulated and that such solicitations are prohibited.

The SEC also warned the public to refrain from investing in crypto assets that are not endorsed by the Commission, which stated last year that all digital currencies are viewed as securities.

They are currently processing exchange registrations on a trial basis, although this process is on hold until a consensus is reached with the Nigerian Central Bank about this issue.

The Commission concluded their notice by reiterating their instruction that all platform providers must cease soliciting investors from the country in any shape or form.