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“Your money is at risk”: The SEC Declares that Binance Nigeria is unlawful.
“Your money is at risk”: The SEC declares that Binance Nigeria is unlawful.
SEC made it clear that Binance Nigeria Limited, which operates through its website and mobile-enabled platforms, is neither registered nor regulated by the Commission.
The commission further stressed that the company’s activities violate Nigerian law urging Nigerians to exercise caution when dealing with unregistered and unregulated platforms such as Binance Nigeria.
The statement reads: “The Securities and Exchange Commission has become aware of the website operated by Binance Nigeria Limited, which is encouraging the Nigerian public to engage in cryptocurrency trading on its various web and mobile platforms.
“It is important to note that Binance Nigeria Limited is not registered or regulated by the Commission, rendering its operations in Nigeria unlawful. Therefore, any individual who chooses to engage with this entity does so at their own peril.
“As the regulatory body responsible for safeguarding investors, the Commission advises Nigerians to exercise caution when investing in crypto assets, as well as financial products and services related to crypto assets, if the service provider or its platform is not registered or regulated by the Commission.
“Nigerian investors are hereby cautioned that investing in crypto assets carries significant risks and may result in the complete loss of their investments.
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