The world’s largest cryptocurrency exchange Binance has been ordered to cease operations in Nigeria by the country’s markets regulator, who said a local subsidiary that solicited Nigerian investors via a website was unlawful.
The Securities and Exchange Commission (SEC) stated in a statement dated June 9 that “Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever.” It claimed that because the business was unregistered and unregulated, it was unlawful.
A statement from Binance could not be obtained right away.
This week, the U.S. Securities and Exchange Commission reportedly violated its regulations by suing Binance and Coinbase.
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