Nigerian SEC doubles down on Binance warning despite its recent approval in Dubai

Nigerian SEC doubles down on Binance warning despite its recent approval in Dubai

Jul. 31, 2023

By Oluwapelumi Adejumo

The Nigerian financial regulator specifically mentioned Binance's official website in its new warning.

The Nigerian Securities and Exchange Commission (SEC) reiterated its warning that Binance’s operation within the country was illegal, according to a July 28 statement.

In its new notice, the regulator specifically mentioned Binance’s official website, stating that:

“The Commission again reiterates that the activities of Binance, https://www.binance.com and any such other platform through which the Company solicits investors is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal.”

As of press time, Binance has yet to respond to CryptoSlate’s request for comment.

Despite the Nigerian SEC warning, Binance remains a top crypto platform in the African country. The exchange cemented itself as a market leader following FTX’s collapse, with its USDT/Naira trading pair approaching $500,000 in the last 24 hours, according to data on the platform.