The Securities and Exchange Commission has drawn attention to the website operated by Binance Nigeria Limited.
It has been soliciting the Nigerian public to trade crypto assets on its various web and mobile-enabled platforms.
Binance Nigeria Limited is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal.
Any member of the investing public dealing with the entity is doing so at his/her own risk.
As the regulator with the statutory mandate of investor protection, the Commission urges Nigerians to be wary of investing in crypto-assets, and crypto-asset related financial products and services.
That is if the service provider or its platform hasn’t undergone registration or regulation by the Commission.
Nigerian investors haven’t warned that investing in crypto-assets is extremely risky and may result in total loss of their investment.
Meanwhile, Binance Nigeria Limited has been instructed to immediately stop soliciting Nigerian investors in any form whatsoever.
The Commission shall provide updates on further regulatory actions with respect to the activities of Binance Nigeria Limited.
Also, similar platforms shall work with other regulators in Nigeria to provide further guidance on this matter.
