Binance Nigeria ordered to stop ‘illegal’ operations by securities watchdog.

The Nigerian Securities and Exchange Commission has ordered Binance’s Nigerian unit to immediately stop operating in the country. The order was issued in a circular last Friday, which stated that “Binance Nigeria Limited is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal.”

The SEC’s move comes after the US securities regulator filed a lawsuit last Monday against the world’s largest cryptocurrency exchange by market capitalization, alleging that it sold unregistered securities to the public and failed to register as a broker or exchange. Nigeria’s SEC had previously stated that it considered all cryptocurrencies to be securities by default, but this is the first time the regulator has taken action against a major exchange platform. Although the country’s SEC had been processing crypto firms’ applications for registration on a trial basis, it had not officially begun registering them until it reached an agreement with the central bank, which prohibits banks in the country from offering services to crypto platforms. Friday’s order stated that the SEC would provide further updates on regulatory actions against Binance Nigeria Limited and other similar platforms, and would work with other regulators in Nigeria to provide further guidance on the matter.

Read more: Nigeria’s SEC Mulls Allowing Tokenized Equity, Property but Not Crypto: Bloomberg

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