In another round of announcements involving the world's largest cryptocurrency exchange, it is now the largest African country in the crypto space, Nigeria, that demands the platform to immediately halt its operations in the country for operating illegally.
According to the circular published on the official website of the Nigerian Securities and Exchange Commission, Binance Nigeria Limited must cease all operations in Nigeria and refrain from soliciting Nigerian investors to trade on its platform. The regulators state that the entity is not registered with them and, therefore, is operating illegally within the territory.
The regulatory body also warns that anyone engaging in any activities with the aforementioned platform does so against the regulator's will and at their own risk.
Thus, with this circular from the Nigerian regulator, Binance is required to cease all operations in the country and avoid conducting any business with local investors, as this action is considered illegal from now on. Interestingly, this action comes to light shortly after Binance US was sued by regulators, accused of a series of violations that led to legal proceedings in North America.
The Binance community in Nigeria is highly active, with over 64,000 users in the official Telegram group, a number that reflects its strong presence in the crypto space. Additionally, Nigeria is a technological hub in Africa and one of the prominent countries for Bitcoin trading on the continent, boasting a young and active community of crypto enthusiasts.
Therefore, Binance Nigeria Limited must refrain from soliciting Nigerians to trade cryptocurrencies on its platform as it has now become an undesirable entity in the market due to its illegal operations within the territory. However, for critical thinkers and analysts, it may appear somewhat amusing that this conclusion from the regulator comes shortly after its American counterpart did the same.
It is rather pathetic that the regulatory body only now realizes that Binance Nigeria Limited has been operating illegally, considering that the company has been present in the Nigerian market for quite some time. It is regrettable that such actions have to be taken when a "higher authority," in this case, the US SEC, acts to prompt Africans to take a stance as well.
This action suggests that it has nothing to do with protecting Nigerian investors but rather serves as a political act. After all, if the "world's police" has decided that Binance US is violating rules in America, it could also be doing so in Nigeria. Not that I agree or disagree with the action of the Nigerian SEC (who am I to judge?), but it raises many questions about the regulator's stance.
I would like to know your opinion on the matter, and together we can discuss this action taken by the Nigerian regulator after labeling Binance as illegal in Nigeria. Your opinion is important.
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