Nigeria regulator says Binance not registered and must stop soliciting investors: Reuters
Binance has been ordered to stop operating in Nigeria by the country’s markets regulator.
“Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever,” said Nigeria’s Securities and Exchange Commission (SEC), according to Reuters.
The regulator added that the exchange’s local operations are unregistered and unregulated.
Binance has a sizeable community in Nigeria, with a 64,000-strong Telegram community and an announcements channel dedicated to the region.
In May, Nigeria’s markets regulator published 54 pages of regulations for digital assets. The regulations spelled out rules for issuing digital assets and classified them as securities to be regulated by the SEC. They also included registration requirements for digital asset offerings and custodians, as well as rules for digital asset exchanges.
Binance did not immediately respond to a request for comment.
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Author: Tim Copeland
