The Securities and Exchange Commission (SEC) has been made aware of the website operated by Binance Nigeria Limited, which is encouraging the Nigerian public to engage in crypto asset 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, making its operations in Nigeria illegal. Therefore, any individual from the investing public who chooses to transact with this entity does so at their own risk.
As the regulatory body responsible for safeguarding investors, the Commission advises Nigerians to exercise caution when investing in crypto assets and related financial products and services. It is crucial to ensure that the service provider and its platform are duly registered and regulated by the Commission. Investing in crypto assets carries significant risks and can potentially lead to the complete loss of one’s investment.
Through this circular, Binance Nigeria Limited is directed to cease immediately from soliciting Nigerian investors through any means.
The Commission will provide updates on further regulatory measures concerning the activities of Binance Nigeria Limited and other similar platforms. It will also collaborate with other regulators in Nigeria to offer additional guidance on this matter.
