Binance is illegal, do not patronize it – SEC warns Nigerians

The Securities and Exchange Commission has declared the activities of a cryptocurrency site known as Binance illegal in Nigeria.

The Commission disclosed this in a statement posted on its website recently.

It stated that Binance is neither registered nor regulated by it, and its operations in the country are illegal.

It noted that anyone conducting business on the exchange does so at their own risk.

It said, “The attention of the Securities and Exchange Commission (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.

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

The Commission further urged Nigerians to be wary of investing in crypto-assets and crypto-asset-related financial products and services if the service provider/ platform is not registered or regulated.

It added, “Nigerian investors are at this moment warned that investing in crypto-assets is extremely risky and may result in total loss of their investment.

Newsmen learnt that Binance is facing a lawsuit in the United States after the US Securities and Exchange Commission filed charges against it on Monday.