In an effort to make Binance’s operations in Nigeria illegal, the Securities and Exchange Commission (SEC) has joined the United States Commission.
Any Nigerian trading on Binance Nigeria Limited, a subsidiary of the well-known global cryptocurrency exchange Binance, is doing so at their own risk, the Nigerian commission cautioned in a circular posted on its official website. Because the Commission neither registered nor oversaw Binance Nigeria Limited, its operations in Nigeria are prohibited.
The cryptocurrency behemoth Binance has been charged with weaving a “web of deception” after being the target of yet another complaint from US banking regulators.
Because of this, the Commission issued a warning to Nigerian investors, warning them that investing in cryptoassets carries a very high risk of total loss.