The biggest cryptocurrency exchange in the world, Binance, has been told to stop doing business in Nigeria. This is because a local branch of the company that tried to get Nigerian investors to invest online was doing so illegally, according to the country’s markets regulator
The Nigerian government says that Binance Nigeria Limited is doing business in a way that is against the law.
In a release, the Securities and Exchange Commission (SEC) said, “Binance Nigeria Limited is at this moment ordered to stop contacting Nigerian investors in any way immediately.”
SEC said the business was breaking the law because it was neither approved nor incorporated.
Binance says they have nothing to do with the company that the Nigerian Securities and Exchange Commission (SEC) sent a notice last week.
Binance’s spokesperson said, “We are aware of the circular, but the organization mentioned in it is not connected to us.”So, we’re asking the Nigerian SEC for more information, and we’re still planning to work with them on the next steps.”
Four days after the SEC in the United States filed a lawsuit against Binance, the SEC in Nigeria sent out a warning.
On its website, the Nigerian SEC said, “Binance Nigeria Limited is neither registered with nor regulated by the Commission. As a result, its operations in Nigeria are illegal. Any investor who deals with the entity does so at their own risk.”
The authority also told Nigerians to be careful about investing in crypto-assets or companies that are not registered or regulated.
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