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

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Bitcoin

Valkyrie refiles for Bitcoin ETF, following BlackRock's lead.

The desire for a Bitcoin exchange-traded fund (ETF) in the United States has not yet been fulfilled, as different inv...

Market

BTC Rebounds Amidst ETF Approval Speculation: What’s Next for Bitcoin and Ethereum?

On Thursday, there were reports stating that the SEC is in the final stages of reviewing applications for spot-based ...

Bitcoin

Bitcoin price prediction Where is the next BTC target with $25 billion in trading volumes?

Bitcoin experienced a decrease in value on Friday due to news regarding the SEC and recent spot ETF applications. How...

Market

Exved: Revolutionizing Cross-Border Crypto Payments for Russian Businesses

Fashionistas, get ready to expand your global transactions with Exved's latest offering! The Russian digital settleme...

Market

Bitcoin Weekend Trading Decline: Is the Party Over?

According to a recent blog post by analysts from Kaiko, a blockchain market data provider, there has been a decrease ...

Market

Donald Trump Criticizes Federal Reserve Chair Jerome Powell, Hints at Replacement

The previous President has confirmed that he has a few potential candidates in mind for replacing Powell.