Nigerian regulator calls Binance operations ‘illegal’


Nigeria’s markets regulator has ordered Binance, the world’s largest cryptocurrency exchange, to stop operating because its local unit illegally solicited Nigerian investors online.

“Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever,”

The SEC declared on June 9. The company was illegal because it was unregistered and unregulated.

Binance was unavailable for comment. The SEC sued Binance and Coinbase this week for violating its guidelines.

Nigeria’s SEC announced digital asset legislation last year, signaling Africa’s most populous nation’s attempt to balance banning crypto assets and regulating them.

Nigeria’s central bank barred banks and financial organizations from engaging in or assisting digital currency transactions in 2021.

Nigeria’s young, tech-savvy population has quickly accepted cryptocurrency, leveraging crypto exchanges’ peer-to-peer trading to skirt the banking sector ban.


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