The Securities and Exchange Commission (SEC)\u00a0has joined the United States\u2019 Commission to declare\u00a0the activities of Binance in Nigeria illegal.<\/p>\n
Nigeria\u2019s commission in a circular on its official website warned that, any Nigerian trading on Binance Nigeria Limited, a subsidiary of the well-known global cryptocurrency exchange Binance, is doing so at his or her own risk.<\/p>\n
According to the\u00a0circular, \u201cThe attention of the Commission has been drawn to the website operated by Binance Nigeria Limited, soliciting the Nigerian public to trade crypto assets on its various web and mobile-enabled platforms.\u00a0Binance Nigeria Limited is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal.\u00a0Any member of the investing public dealing with the entity is doing so at his\/her own risk\u201d.<\/p>\n
The crypto-giant,\u00a0Binance\u00a0has been accused of engaging in a \u201cweb of deception\u201d as it was hit with another lawsuit by US financial regulators.<\/p>\n
The\u00a0U.S\u00a0SEC said the trading platform and its founder Changpeng Zhao ignored the rules meant to protect investors to keep operating in the US.<\/p>\n
Both the company and Zhao are accused of mishandling customer funds.<\/p>\n
The complaint from the\u00a0U.S\u00a0SEC is the second lawsuit filed against the firm this year and follows promises by the US to police the crypto industry more aggressively.<\/p>\n
The company, which was founded in 2017 and is active in more than 100 countries, denied that customer money had been at risk.<\/p>\n
\u201cWhile we take the SEC\u2019s allegations seriously, they should not be the subject of an SEC enforcement action,\u201d Binance said, adding it had been in discussions with the regulator.<\/p>\n
SEC further stated, \u201cAs the regulator with the statutory mandate of investor protection, the Commission urges Nigerians to be wary of investing in crypto-assets, and crypto-asset related financial products and services if the service provider\/its platform is not registered or regulated by the Commission.<\/p>\n
The Commission therefore warned Nigerian investors that investing in crypto-assets is extremely risky and may result in total loss of their investment.<\/p>\n
\u201cBy this circular, Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever.\u00a0The Commission shall provide updates on further regulatory actions with respect to the activities of Binance Nigeria Limited, and other similar platforms and shall work with other regulators in Nigeria to provide further guidance on this matter, \u201cSEC added.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Securities and Exchange Commission (SEC)\u00a0has joined the United States\u2019 Commission to declare\u00a0the activities of Binance in Nigeria illegal. Nigeria\u2019s commission in a circular on its official website warned that, any Nigerian trading on Binance Nigeria Limited, a subsidiary of the well-known global cryptocurrency exchange Binance, is doing so at his or her own risk. […]<\/p>\n","protected":false},"author":9,"featured_media":48028,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[3],"tags":[],"class_list":{"0":"post-46007","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-compliance-officer"},"aioseo_notices":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/dnllegalandstyle.com\/dnl\/wp-content\/uploads\/2023\/06\/SEC-Joins-U.S-Commission-to-Declare-Binance-Operations-in-Nigeria-Illegal.jpeg?fit=299%2C168&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/posts\/46007","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/comments?post=46007"}],"version-history":[{"count":1,"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/posts\/46007\/revisions"}],"predecessor-version":[{"id":48029,"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/posts\/46007\/revisions\/48029"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/media\/48028"}],"wp:attachment":[{"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/media?parent=46007"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/categories?post=46007"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dnllegalandstyle.com\/dnl\/wp-json\/wp\/v2\/tags?post=46007"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}