In a renewed effort to safeguard the investing public, Nigeria’s Security and Exchange Commission (SEC) has issued a stern warning against engaging in any form of investment with Binance, a global cryptocurrency exchange.
As part of its commitment to investor protection, the SEC reiterates its earlier circular dated 9th June 2023, which emphasized that Binance, including its subsidiary Binance Nigeria Limited, is neither registered nor regulated by the Commission.
Therefore, all its operations within Nigeria are deemed illegal.
The SEC urges Nigerians to exercise extreme caution and avoid investing with Binance or any other platform operated by entities not registered or regulated by the Commission. Investing in crypto-assets is highly risky and may lead to a total loss of investments.
Furthermore, the SEC emphasizes that anyone dealing with Binance or making investment solicitations on their behalf is doing so at their own risk. The Commission will not be held liable for any losses incurred through such dealings.
The Commission will continue to take regulatory actions against such operators and related platforms to protect investors’ interests. The SEC is committed to collaborating with other regulators in Nigeria to provide further guidance on this matter.
The SEC advises all platform providers to immediately cease soliciting Nigerian investors in any form related to Binance or its associated entities. Failure to comply with this directive may result in legal actions.