The Securities and Exchange Commission in Nigeria has taken action against Binance, the world’s largest cryptocurrency exchange, ordering it to cease operations in the country due to a local unit that solicited Nigerian investors via an illegal website. The directive, which came in a statement dated June 9th, specifically named Binance Nigeria Limited, stating that it is neither registered nor regulated in Nigeria, rendering its actions illegal.
This move follows Nigeria’s central bank’s decision in 2021 to ban banks and financial institutions from dealing in or encouraging transactions involving digital currencies, prompting the Securities and Exchange Commission to publish regulations for digital assets last year to strike a balance between an outright ban and an unregulated crypto market.
Binance has been embroiled in legal action elsewhere, with the US Securities and Exchange Commission taking action against the company and Coinbase for alleged breaches of its rules. Binance.US is now halting dollar deposits and preparing to change to a “crypto-only exchange” in response, following the SEC’s civil charges that it vehemently denies.
Nigeria’s tech-savvy younger population has been actively utilizing cryptocurrency, turning to peer-to-peer trading on crypto exchanges to circumvent the financial sector’s ban. This will undoubtedly pose a tricky situation for Nigerians hoping to continue trading on Binance.
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