Nigeria’s SEC declares Binance’s operations illegal in the country

The Nigerian Securities and Exchange Commission declared on Saturday that the operations of the world’s largest cryptocurrency exchange Binance in Nigeria are “illegal”.

Binance’s problems continue to escalate as the exchange and related companies face challenges following the US Securities and Exchange Commission’s lawsuit.

The Nigerian SEC Bans Binance in the Country The Nigerian Securities and Exchange Commission declared Binance subsidiary Binance Nigeria Limited “illegal” and ordered the exchange to cease operations in the country.

According to the statement released by the Nigerian SEC. Binance is neither registered nor regulated by the agency and its operations are “illegal” in the country. Additionally, the agency ordered Binance to ban Nigerians from investing on the platform and warned of regulatory action against the cryptocurrency trading platform.

“Binance Nigeria Limited is neither registered nor regulated by the Commission and as such its operations in Nigeria are illegal. Any member of the investing public doing business with the entity does so at their own risk.”

Nigeria has already banned lenders from processing cryptocurrency transactions. However, Nigeria remains among the top countries seeing cryptocurrency adoption and accounts for the largest volume of cryptocurrency transactions through peer-to-peer trading platforms outside of the United States.

The Securities and Exchange Commission has warned Nigerians against investing in crypto-assets and crypto-asset-related financial products and services due to the high risks involved in crypto.

The move came after Nigeria passed the Finance Act 2023 imposing a capital gains tax of 10% on digital assets, including cryptocurrencies.

Binance Problems Mount On Monday, the US Securities and Exchange Commission filed 13 counts against Binance, Binance.US, and Changpeng “CZ” Zhao. This caused major turmoil in the cryptocurrency market. With companies reluctance to work with the US arm of Binance.

The company behind the stablecoin TrueUSD ( ) announced today that it has paused minting via the Crypto Custodian Prime Trust. TUSD and Prime Trust are believed to be mainly used by Binance.

Crypto Horizon

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