• Nigeria’s SEC declares Binance’s operations illegal in the country, along with other unregistered crypto platforms.
• The SEC issues a notice ordering all crypto platform providers to cease soliciting Nigerian citizens.
• Nigeria’s CBDC Digital Naira faces adoption challenges amid the central bank’s efforts to promote its usage.

In a significant regulatory development, the Securities and Exchange Commission (SEC) of Nigeria has officially deemed the operations of Binance, the world’s largest cryptocurrency exchange, as “illegal” within the country.

The SEC issued a notice on July 28 ordering all crypto platform providers to cease soliciting Nigerian citizens, putting forth a clear stance on the use of cryptocurrencies in the country.

The notice specifically mentioned Binance’s website and reiterated that the company, including any platform through which Binance solicits investors, is neither registered nor regulated by the Commission. The Nigerian SEC warned that dealing with such entities and engaging in their solicitations involves significant risks, and investors do so at their own peril.

According to the official announcement:

“The Commission again …

The post Nigeria Declares Binance ‘Illegal’ in the Country, Warns Public on Crypto appeared first on Coin Edition.

• Nigeria’s SEC declares Binance’s operations illegal in the country, along with other unregistered crypto platforms.
• The SEC issues a notice ordering all crypto platform providers to cease soliciting Nigerian citizens.
• Nigeria’s CBDC Digital Naira faces adoption challenges amid the central bank’s efforts to promote its usage.

In a significant regulatory development, the Securities and Exchange Commission (SEC) of Nigeria has officially deemed the operations of Binance, the world’s largest cryptocurrency exchange, as “illegal” within the country.

The SEC issued a notice on July 28 ordering all crypto platform providers to cease soliciting Nigerian citizens, putting forth a clear stance on the use of cryptocurrencies in the country.

The notice specifically mentioned Binance’s website and reiterated that the company, including any platform through which Binance solicits investors, is neither registered nor regulated by the Commission. The Nigerian SEC warned that dealing with such entities and engaging in their solicitations involves significant risks, and investors do so at their own peril.

According to the official announcement:

“The Commission again …

The post Nigeria Declares Binance ‘Illegal’ in the Country, Warns Public on Crypto appeared first on Coin Edition.