Nigeria's SEC Declares Binance's Activities Illegal

Nigeria's financial watchdog, the Securities and Exchange Commission (SEC), declared Binance's operations illegal in the country on Friday. They also demanded all crypto companies to stop targeting Nigerian people.

The SEC repeated a warning from June 9 about Binance Nigeria Ltd. Back then, Binance said they are not linked to this company. In the recent notice, the SEC talked about Binance's main website.

The SEC clearly stated, "Binance's activities are illegal because they are not registered or regulated by us. Their work in Nigeria is unlawful." They asked all crypto companies to quit communicating with Nigerian investors.

The SEC regards all cryptocurrencies as securities since last year. The country is tentatively allowing crypto exchanges to register, but final approval is pending agreement with the central bank. The bank has barred local financial institutions from dealing with crypto providers.

Finally, the SEC cautioned the public "to avoid investing in crypto assets from companies not registered or regulated by them." It asked all companies involved to stop targeting Nigerian investors immediately.