The Securities and Exchange Commission of Nigeria has warned Nigerians about the activities of the Binance of Nigeria. In a circular released on Saturday, SEC warned about the unregulated activities of the crypto exchange in Nigeria.
“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 warned in the circular.
SEC warned Nigerians that any transaction with Binance in Nigeria is at risk of the customer.
“As the regulator with the statutory mandate of investor protection, the Commission urges Nigerians to be wary of investing in crypto-assets, and crypto-asset-related financial products and services if the service provider/its platform is not registered or regulated by the Commission. Nigerian investors are hereby warned that investing in crypto-assets is extremely risky and may result in total loss of their investment.” SEC said in the circular that was made public to Nigerians.
SEC’s warning is coming barely a day the United States halted dollar deposits into Binance in US, and gave customers until Tuesday to withdraw all their money.
The US Binance client assets hold over $2.2 billion in cryptocurrency and around $377 million in U.S. dollar bank accounts.