The Securities and Exchange Commission of Nigeria (SEC) has made it clear that Binance, the largest digital currency platform, is not registered in the country and is therefore prohibited from operating.
In a statement, the SEC of Nigeria indicated that since Binance Nigeria Limited was not licensed, its operations were illegal and it was ordered to "immediately stop attracting Nigerian investors in any format".
Binance representatives issued a statement on the document. They acknowledged that the restriction is in place, but clarified that the company has nothing to do with global exchanges, as stated in the ruling.
"We are trying to get clarity from the Nigerian SEC and intend to work with the regulator to resolve the issue," a Binance representative said.
Nigeria's Securities and Exchange Commission issued regulations on virtual assets in 2022, demonstrating that the country is seeking to strike a balance between banning digital currencies altogether and allowing their use without restrictions.
