Binance Nigeria Ordered to Halt Operations
Nigeria's SEC orders immediate suspension of unregistered Binance operations amidst global scrutiny.
In a recent circular, Binance's Nigerian branch was directed by the local Securities and Exchange Commission to immediately suspend its operations in the country. The regulator highlighted that Binance Nigeria Limited is unregistered and unregulated, making its operations in Nigeria unlawful.
This directive trails a U.S. lawsuit against the globally largest crypto exchange, accusing it of failure to register as a broker or exchange and offering unregistered securities to the public.
While Nigeria's SEC has previously considered all crypto assets as securities, this seems to be its first action against a significant exchange platform. Back in May, reports indicated the SEC was reviewing crypto firms' registration applications on a provisional basis, pending agreement with the central bank.
Crypto platforms currently can't receive services from Nigerian banks.
