Binance, one of the biggest cryptocurrency exchanges, has separated itself from Binance Nigeria Limited and made it clear that the recent ban on the Nigerian company by the Nigerian Securities Exchange Commission (SEC) does not affect its operation.
A report by the online platform Mariblock showed that the SEC circular was aimed at a defunct company called Binance Nigeria Limited, which hasn’t been connected to Binance.com since 2019.
The SEC had warned against Binance Nigeria Limited’s attempts to get Nigerians to use its sites to trade crypto assets.
But a Binance spokesperson clarified that the entity named in the circular has nothing to do with Binance. They are asking the Nigerian SEC for more information and are willing to work with them.
The company’s main goal is to ensure users are happy, so the spokesperson reassured them that their assets on Binance are safe, accessible, and secure.
Binance Nigeria Limited was set up for the possibility of arbitrage, with the idea that Binance might start doing business in Nigeria. But, as was made clear, this did not happen, and the company is still not doing anything.
In the meantime, Binance is still having trouble in the US. Its American affiliate just stated that it would stop accepting deposits in dollars.
After the US Securities and Exchange Commission (SEC) asked to freeze its assets, Binance US tweeted that its banking partners were preparing to stop Dollar withdrawal routes. Customers had until Tuesday to get their money out of the bank.
Also, Robinhood Markets said the trading site would stop selling some crypto tokens because the US securities regulator was paying more attention to them.
Concerns have been raised about the future of the cryptocurrency industry, which has faced problems in the past, like the fall of the FTX, a US banking crisis, and less money for crypto startups.