Nigeria Regulator SEC Halts Binance Operations

Nigeria’s Securities and Exchange Commission (SEC) has ordered Binance Nigeria Limited to stop soliciting Nigerian investors in any form whatsoever.

iexclusivenews reports that the SEC said that Binance Nigeria Limited is not registered or regulated in Nigeria, making its operations illegal.

The SEC’s decision comes just days after Binance was sued by the U.S. Securities and Exchange Commission (SEC). The SEC accused Binance of operating as an unregistered securities exchange and failing to register as a broker-dealer.

Binance has denied the SEC’s allegations and said that it is fully compliant with all applicable laws and regulations. The company said that it is “committed to working with regulators around the world to ensure that we are operating in a compliant manner.”

The SEC’s decision to halt Binance’s operations in Nigeria is a major setback for the cryptocurrency exchange. Nigeria is one of the most populous countries in Africa and a major market for cryptocurrency. Binance had been one of the most popular cryptocurrency exchanges in Nigeria, with millions of users.

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The SEC’s decision is also a sign of the growing regulatory scrutiny of cryptocurrency exchanges. In recent months, regulators around the world have been cracking down on cryptocurrency exchanges, citing concerns about market manipulation, fraud, and money laundering.

The future of cryptocurrency regulation in Nigeria is uncertain. The new Nigerian president, Bola Tinubu, has said that he is open to regulating cryptocurrencies, but he has not yet released any specific proposals.

In the meantime, Nigerian investors who are looking to trade cryptocurrency should be aware of the risks involved. Cryptocurrency is a volatile asset and there is always the risk of losing money. Investors should only invest what they can afford to lose.

Here are some other things to keep in mind:

• The Central Bank of Nigeria (CBN) does not recognize cryptocurrencies as legal tender.
• Commercial banks in Nigeria are banned from engaging in crypto transactions.
• There are a number of other cryptocurrency exchanges that are operating in Nigeria. These exchanges may be more regulated than Binance.

Investors should do their own research before choosing a cryptocurrency exchange.