What You Need to Know About the Ban on Binance Nigeria

A circular published yesterday by the Nigeria Securities and Exchange Commission (SEC) has sent shockwaves through the Nigerian cryptocurrency community.
SEC has officially declared Binance Nigeria Limited, as unregistered and operating illegally within Nigeria. This was communicated through an official statement posted on their official website.

The reaction to this directive from Binance Nigeria Limited and other cryptocurrency companies remains a subject of anticipation.

Read the statement below:

Circular on the Activities of Binance Nigeria Limited
09/06/2023

The attention of the Securities and Exchange Commission (the Commission) has been drawn to the website operated by Binance Nigeria Limited, soliciting the Nigerian public to trade crypto assets on its various web and mobile-enabled platforms.

Binance Nigeria Limited is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal. Any member of the investing public dealing with the entity is doing so at his/her own risk.

As the regulator with the statutory mandate of investor protection, the Commission urges Nigerians to be wary of investing in crypto-assets, and crypto-asset related financial products and services if the service provider/its platform is not registered or regulated by the Commission. Nigerian investors are hereby warned that investing in crypto-assets is extremely risky and may result in a total loss of their investment.

By this circular, Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever.

The Commission shall provide updates on further regulatory actions with respect to the activities of Binance Nigeria Limited, and other similar platforms and shall work with other regulators in Nigeria to provide further guidance on this matter.

Signed

Management

June 09, 2023