Nigeria's Securities and Exchange Commission (SEC) has reiterated that the activities of cryptocurrency exchange Binance are illegal in the country.
However, in addition to a previous circular dated June 9, the regulator announced that all service providers in the cryptocurrency market should immediately stop attracting Nigerian citizens to their platforms.
In June, the SEC reported Binance Nigeria Limited for illegal activities, but Binance said it had nothing to do with the company, calling it "fraudulent" and asking it to cease operations, according to the Nigerian SEC website. However, it is Binance's website (www.binance.com) that is mentioned in the SEC's latest Friday notice.
"The commission again reiterates that the activities of Binance, https://www.binance.com and any such other platform through which the company solicits investors are neither registered nor regulated by the commission, and its operations in Nigeria are therefore illegal," the regulator said in the notice.
In addition, the SEC appealed to citizens of the country to be cautious about investing in digital assets offered or managed by organizations that are not registered or regulated by the commission.
Further reading: Binance is the first to receive an operational MVP license in Dubai.
