Nigeria's Regulator Puts a Stop to Binance Operations
According to a circular issued on Friday, the Nigerian Securities and Exchange Commission has instructed the Nigerian unit of the cryptocurrency exchange Binance to cease all operations in the country with immediate effect.
“Binance Nigeria Limited is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal,” the notice said.
“Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever,” Nigeria’s Securities and Exchange Commission (SEC) said in a statement seen by Bloomberg.
In Nigeria, Binance has gained significant popularity as a prominent cryptocurrency exchange. The country itself serves as a major hub for crypto activity in the African region, given its status as the most populous nation on the continent. According to a study conducted by Chainalysis, the Middle East and North Africa region have emerged as global leaders in crypto adoption. Between July 2021 and June 2022, users in this region received a total of $566 billion worth of cryptocurrencies, representing a notable 48% surge compared to the previous year.
