Binance under pressure: Nigerian regulator orders ceasing operations in the country
Binance under pressure: Nigerian regulator orders ceasing operations in the country
Nigeria's market regulator has ordered cryptocurrency exchange Binance to cease all operations in the country due to a lack of registration.
"Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever," the regulator said in a statement dated June 9. The regulator noted that the activities of Binance Nigeria Limited were illegal because the company was not registered and regulated, Reuters reported.
Last year, Nigeria's Securities and Exchange Commission developed rules for digital assets to avoid an outright ban on crypto-assets and their unregulated use after the country's main financial regulator banned banks and financial institutions from transacting or facilitating digital currencies in 2021.
The new rules from the Securities and Exchange Commission of Nigeria have promoted peer-to-peer trading offered by cryptocurrency exchanges, which circumvents bans on the financial sector.
Recall that on June 5, the SEC filed charges against Binance and its head, Changpeng Zhao.
Binance was founded in Hong Kong in 2017 and is not only one of the largest cryptocurrency exchanges but also a platform for the creation of cryptocurrency business projects. The crypto exchange has its own trading platform based on the TradingView toolkit, and offers the maker/taker reward grid for active traders.
