According to Nigeria's SEC, Binance’s operations in the country are illegal.
The statement reads:
"In futherance of the Commission’s earlier circular, dated 9 June, 2023, […] the activities of Binance, https://www.binance.com and any such other platform through which the Company solicits investors is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal."
SEC representatives have added investors who choose to interact with the platform "do so at their own risk."
The regulator has stressed:
"The Commission cautions the public that investing in crypto-assets have a high level of risk and may result in total loss of investments."
The SEC reported in June on the illegal activities of Binance Nigeria Limited. However, Binance called the organization "fraudulent" and demanded that it cease operations.
In January last year, the company blocked 281 accounts of Nigerian traders in order to prevent money laundering and ensure the platform's security.
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