Nigeria Calls Binance’s Services ‘Illegal’ in the Country!

The Nigerian Securities and Exchange Commission has stated that Binance’s services in the country are illegal.

The crypto industry has been going through tough times lately. Cryptocurrency exchanges Binance and Coinbase are on the radar of US regulators. The SEC recently sued Binance and Coinbase.

In these turbulent days, a blow came to Binance from Nigeria. Nigeria’s securities regulator has announced that Binance is operating illegally in the country.

Nigerian Regulator Targets Binance

The Nigerian Securities and Exchange Commission has disclosed that Binance Nigeria Limited is unregistered and not audited. Nigeria’s regulator has identified Binance as illegal, failing to take the necessary legal processes.

According to a report by Bloomberg, Binance has entered the radar of the Nigerian regulator. The regulator stated that it will be its own responsibility for the people of the investing country to do business with Binance.

Although the use of cryptocurrencies is banned in Nigeria, Binance’s hegemony continues. In Africa’s most populous country, Binance is the platform that investors turn to to trade crypto.

The Nigerian regulator, who is not behind the US regulators, pointed out that Binance has not passed the required registration processes and audits. Noting that Binance is providing illegal services in the country, the Nigerian regulator requested that Binance immediately stop soliciting investments from Nigerians.

Also, the Nigerian regulator has sent the message that it will allow more transactions to Binance and other crypto exchanges in the country. Sharing its views on the subject, the regulatory body said;