Nigerian SEC doubles down on Binance warning despite its recent approval in Dubai Nigerian SEC doubles down on Binance warning despite its recent approval in Dubai
The Nigerian financial regulator specifically mentioned Binance's official website in its new warning.
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Updated: Mar. 1, 2024 at 4:29 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The Nigerian Securities and Exchange Commission (SEC) reiterated its warning that Binance’s operation within the country was illegal, according to a July 28 statement.
In its new notice, the regulator specifically mentioned Binance’s official website, stating that:
“The Commission again reiterates that the activities of Binance, https://www.binance.com and any such other platform through which the Company solicits investors is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal.”
As of press time, Binance has yet to respond to CryptoSlate’s request for comment.
Despite the Nigerian SEC warning, Binance remains a top crypto platform in the African country. The exchange cemented itself as a market leader following FTX’s collapse, with its USDT/Naira trading pair approaching $500,000 in the last 24 hours, according to data on the platform.
Global Regulatory Concerns
Meanwhile, the warning is coming on the heels of Binance’s recent regulatory approval in Dubai after suffering multiple setbacks in Europe. Earlier today, on July 31, the exchange revealed that it became the first digital asset exchange to receive an Operational Minimum Viable Product (MVP) license within the region, allowing it to trade in the area.
After failing to get the appropriate regulatory approval, Binance has exited several European markets, including the Netherlands, Cyprus, Germany, and the U.K. The exchange’s spokesperson stated that the firm was focused on complying with the forthcoming Markets in Crypto Assets (MiCA) regulations to offer its services in Europe.
Binance Nigeria
Further, in June, the Nigerian SEC declared Binance Nigeria Limited’s operations illegal and urged the investing public to desist from using the platform.
Binance clarified that the Binance Nigeria firm mentioned by the Nigerian financial watchdog was unaffiliated with Binance.com, and CEO Changpeng ‘CZ’ Zhao stated that the exchange issued a cease and desist notice to the unaffiliated ‘scam’ entity. However, the new statement indicates that the Nigerian SEC has doubled down on its warning about Binance.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
BNB, or Binance Coin, is a cryptocurrency created by Binance.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.