Nigeria declares activities of local Binance department illegal

Nigeria declares activities of local Binance department illegal

Nigeria’s Securities and Exchange Commission has ordered the world’s largest crypto exchange, Binance, to cease operations in the country. According to the agency, the site’s local department, which worked with Nigerian investors, acted without legal basis.

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“Binance Nigeria Limited is hereby ordered to immediately cease all forms of advertising to Nigerian investors.”says in circularpublished by the regulator on June 9th. The document states that the company is unregistered and unregulated, making its activities illegal.

Last year, Nigeria’s Securities and Exchange Commission published a set of rules for working with digital assets – the authorities of Africa’s most populous country tried to find a compromise between a total ban on crypto assets and allowing them to circulate without any regulation whatsoever. And a year earlier, the Nigerian Central Bank had banned banks and financial institutions from handling digital currencies or facilitating them in any way.

The young, tech-savvy population of Nigeria is now actively using cryptocurrencies, but their circulation is mainly on peer-to-peer platforms that are not subject to financial sector regulation.

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Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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