Securities and Exchange Commission (SEC) has alerted that the operation of Binance Nigeria Limited, a subsidiary of Binance, is illegal.
It said in a statement obtained on its website that the cryptocurrency platform was not registered to operate in Nigeria.
SEC however did not say what would happen to those patronising the platform.
SEC said the cryptocurrency platform had been actively promoting its web and mobile-enabled platforms to Nigerians.
According to the commission, the company is neither subject to its regulations nor was it registered.
“The attention of the Securities and Exchange Commission (the Commission) has been drawn to the website operated by Binance Nigeria Limited, soliciting the Nigerian public to trade crypto assets on its various web and mobile-enabled platforms,” SEC said.
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