The Securities and Exchange Commission (SEC) ruled that Binance’s operations in Nigeria were unlawful.
Any Nigerian who trades on Binance Nigeria Limited, a division of the well-known international cryptocurrency exchange Binance, does so at their own risk, according to a circular from the Commission dated June 9, 2023.
Because the Commission neither registered nor oversaw Binance Nigeria Limited, its operations in Nigeria are prohibited. Any investor who interacts with the entity does so at his or her own risk.
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.
Sunnews.