The Securities and Exchange Commission (SEC) has become aware of the
website operated by Binance Nigeria Limited, which invites the Nigerian
public to trade crypto assets on its various web and mobile platforms.
Binance Nigeria Limited is not registered or regulated by the SEC,
making its operations in Nigeria illegal.
Any member of the investing
public engaging with this entity does so at their own risk.
As the regulatory body responsible for investor protection, the SEC
urges Nigerians to exercise caution when investing in crypto-assets and
related financial products and services if the provider or platform is
not registered or regulated by the SEC.
Nigerian investors are warned
that investing in crypto-assets carries significant risk and may result
in a total loss of their investment.
With this announcement, Binance Nigeria Limited is instructed to
immediately cease soliciting Nigerian investors in any capacity.
The SEC will provide updates on further regulatory actions concerning
the activities of Binance Nigeria Limited and other similar platforms.
The SEC will also collaborate with other regulators in Nigeria to offer
additional guidance on this matter.