Tinubu-led Administration Bans Binance Nigeria Operation

The administration led by President Bola Tinubu has imposed a ban on the operations of Binance Nigeria Limited, according to recent reports.

The ban was announced in a circular issued by the Securities and Exchange Commission (the Commission), signaling the government’s firm stance on regulating cryptocurrency activities in the country.

The circular released by the Commission highlighted that Binance Nigeria Limited is not registered or regulated by the authorities.

As a result, its operations in Nigeria are deemed illegal.

The move aims to address concerns regarding the lack of oversight and potential risks associated with unregulated cryptocurrency trading platforms.

The circular reads: “The attention of the Securities and Exchange Commission (the Commission) has been drawn to the website operated by Binance Nigeria Limited, 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 if the service provider/its platform is not registered or regulated by the Commission. Nigerian investors are hereby warned that investing in crypto-assets is extremely risky and may result in total loss of their investment.

“By this circular, Binance Nigeria Limited is hereby directed 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, and other similar platforms and shall work with other regulators in Nigeria to provide further guidance on this matter.”