Nigeria Says Binance’s Activities Are Illegal

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The Nigerian Securities and Exchange Commission (SEC) has issued a warning to the Binance cryptocurrency exchange, stating that it is operating illegally in the country.

The regulator demanded that Binance stop serving Nigerian traders and accused it of defrauding the people of Nigeria and engaging in extortion.

Binance representatives claimed that the Nigerian platform is not linked to the crypto company.

Last week, the SEC sent a second warning to Binance Nigeria Ltd, highlighting that they are contravening investor protection laws in Nigeria.

Furthermore, the SEC advised citizens of the country to refrain from buying digital currencies, as the agency cannot provide protection in such transactions.

Despite being warned, Binance remains the highest-ranking exchange in terms of trading volumes with 41.6% of transactions in the spot market, according to CCData.