Nigerian Regulator Labels Binance Affiliate’s Local Operations Illegal
The Nigerian Securities and Exchange Commission has said crypto exchange Binance’s local affiliate “is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal.” The regulator has also said anyone who continues to deal with Binance Nigeria is “doing so at his/her own risk.” Nigeria’s SEC Labels Crypto an ‘Extremely Risky’ Asset Class Nigeria’s Securities and Exchange Commission has said the crypto exchange’s local affiliate is operating illegally. In a circular issued on June 9, the Nigerian regulator discouraged local residents from dealing with Nigeria. The announcement by the Nigerian regulator came less than 24 hours after Binance’s beleaguered U.S. affiliate was forced to suspend dollar deposits and withdrawals. In addition to branding the affiliate’s operations illegal, the Commission also warned Nigerians of the risks of investing in crypto assets or related products, particularly when the service provider is not registered or r