Nigeria: regulator reiterates warning against Binance


Changpeng Zhao, CEO and founder of Binance – ©

La Nigerian SEC again declared that activities from Binanceas well as all other platforms related to group led by CZwere ” illegal “.

La Securities and Exchange Commission from Nigeria said Friday that the activities of were “neither registered nor regulated”. In fact, the company’s operations are ” illegal “at the Nigeriasaid the regulator, while warning the population.

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The SEC had previously indicated that Binance Nigeria Limited were not regulated in the country. The regulator urged the platform to cease soliciting Nigerians “immediately”.

Following the first warning, Binance’s CEO, Changpeng Zhaodeclared that Binance Nigeria Limited was not affiliated to the Binance Group, calling the entity a “scammer”. This time the financial watchdog specifically mentions crypto-trading giant, ” “in its press release.

As a regulator with the statutory mandate to protect investors, the Commission hereby warns the public that investing in crypto-assets presents a high level of risk and may result in a total loss of investments,” the SEC added.

According to the circular, all crypto service providers soliciting Nigerian investors are requested to cease doing so immediately.

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This Monday morning, Binance has announced that it has obtained a license in Dubai.

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