News - Nigerian SEC calls for shutdown of Binance operations

By Mike Hesp

Nigerian SEC calls for shutdown of Binance operations

Crypto acceptance
Laws and regulations

According to the Securities and Exchange Commission of Nigeria, Binance is not registered or regulated there. The crypto exchange should therefore cease operations immediately.

Na a lawsuit by the U.S. Securities and Exchange Commission (SEC) against Binance, now apparently follows another dispute with regulators. This time in Nigeria. There, the Nigerian Security and Exchanges Commission (SEC) has found the operation of the crypto exchange in the country illegal. This reports Reuters.

According to the report, the company Binance Nigeria Limited was ordered to "immediately stop soliciting Nigerian investors in any form." Moreover, Binance is not officially registered or regulated in the country, the report said.

Binance responded to the allegations by saying it is "not related to the named entity." aldus The Block. The crypto exchange says it is now communicating with the regulator to provide clarity and work together on next steps.

In early May, the SEC's new Nigerian laws for the regulation of digital assets. This contains the classification of cryptocurrencies as securities, as well as the requirements for crypto exchanges to be properly registered in the country.

Cryptocurrencies such as Bitcoin enjoy great popularity among Nigerians, for example, as protest against the CBDC (Central Bank Digital Currency) of the country.

The country's government, on the other hand, is skeptical of cryptocurrencies. Since 2021, for example, banks in the country have been prohibited from conducting transactions with cryptocurrencies.

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