Crypto News

Nigeria Directs Binance to Cease Operations as Hong Kong Invites Coinbase

 Nigeria’s financial regulator, the Securities and Exchange Commission (SEC), has instructed Binance to stop its services in the country, stating that the exchange is neither registered nor regulated. In a circular issued on June 10, the SEC deemed Binance’s operations in Nigeria illegal.

The SEC directed Binance Nigeria Limited to “immediately stop soliciting Nigerian investors in any form whatsoever.” It also warned that any member of the investing public dealing with the entity is doing so at their own risk.

Binance Faces Increasing Regulatory Challenges

The Nigerian SEC’s circular comes shortly after the US SEC charged Binance, along with its CEO and Co-founder, Changpeng Zhao, for operating an illegal trading platform, offering unregistered securities, and commingling customers’ funds. The US SEC also sought a court order to freeze Binance.US’s assets.

The Nigerian SEC urged its citizens to be cautious when investing in crypto assets and related financial products and services if the service provider or its platform is not registered or regulated by the commission. It remains to be seen what action the Nigerian regulator will take against Binance Nigeria Limited, but the commission has stated that further regulatory actions regarding the exchange’s activities will be provided.

Nigeria Aims to Protect Investors

As crypto adoption increases in Africa’s most populous country, the Nigerian SEC is taking measures to protect investors. In a Bloomberg report published in May, the commission revealed that it was considering allowing tokenized coin offerings backed by equity, debt, and property, but not crypto, on licensed digital asset exchanges.

However, the Central Bank of Nigeria’s (CBN) attempt to promote the adoption of a central bank digital currency (e-Naira) through cash restrictions was met with street protests in March. The CBN issued guidelines for the e-Naira in 2021, intending to make it legal tender if successful.

Hong Kong Extends Invitation to Coinbase

In contrast, Hong Kong’s legislator has invited Coinbase, another top exchange facing regulatory pressure in the US, to establish operations in the region, according to a post by Johnny Ng, a member of Hong Kong’s Legco. This invitation comes despite the US SEC’s lawsuit against Coinbase for allegedly operating an illegal trading platform and dealing in unregistered securities. The SEC also accuses Coinbase of running a digital asset staking-as-a-service program without the required license.

Creative Mind

Hello Dope SOUL'S, I am super excited to introduce myself as the founder of and a passionate self-taught blogger. With a strong focus on technology and its ever-evolving landscape, I have learned everything online by myself, and I strive to provide insightful and informative content for my readers. Growing up, I was always fascinated by the power of technology and how it shapes our world. This curiosity led me to dive deep into computer science and engineering, where I taught myself the essential skills that laid a strong foundation for my career in the tech industry. After several years of being a self-taught software engineer, I realized my true passion lay in sharing knowledge and connecting with people who share similar interests. This drove me to establish, a platform where I could showcase my expertise and provide valuable information about the latest tech trends, gadgets, and software. As a self-taught blogger, I continually explore new technologies, analyze market trends, and test various products to provide honest and unbiased reviews. Through my writing, I aim to make complex concepts easy to understand and help readers make informed decisions. I firmly believe that intelligence doesn't solely come from school; rather, it can be cultivated through dedication and a hunger for learning. Therefore, I strive to create content that caters to both tech enthusiasts and beginners, breaking down complex subjects into digestible articles and tutorials. In addition to my work as a blogger, I actively participate in tech conferences and events, seeking opportunities to collaborate with industry professionals and stay up-to-date with the latest advancements. This ensures that my content remains accurate, relevant, and beneficial for my audience. I am excited to continue this journey of discovery and growth, and I am grateful for the support and engagement of my readers. will always be a platform dedicated to sharing knowledge, connecting with the tech community, and helping readers navigate the ever-evolving tech landscape. Thank you for being a part of this journey. Stay curious, stay tech-savvy! Best regards, [Creative Mind] Founder of

Related Articles


  1. Crypto will still move. Wait if you are seeing this post do not forget to buy and hold hotmoon token #HotMoonArmy
    Don't be left behind.

  2. Dear Anonymous,

    Thank you for your comment on our article about Binance ceasing operations in Nigeria. We appreciate your enthusiasm for the crypto market and your support for HotMoonToken.

    We agree that cryptocurrencies, including HotMoonToken, have the potential to revolutionize the blockchain and crypto ecosystem. In fact, we have published more articles about HotMoonToken on TechZone101, as we believe it is a promising project that deserves attention.

    We encourage our readers to join the #HotMoonArmy and be a part of this exciting journey. As you said, "Don't be left behind." Let's all work together to support innovative projects like HotMoonToken and contribute to the growth of the crypto market.

    Once again, thank you for your valuable input, and we hope you continue to engage with our content on TechZone101.

    Best regards,
    [Creative Mind]
    TechZone101 Founder

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button