2023-06-11 09:01:43
It appeared on a Friday Press release according to Nigeria’s Securities and Exchange Commission has ordered the Nigerian unit of Binance to suspend operations with immediate effect. In the notice, the authority of the West African country wrote that Binance Nigeria Limited did not receive a license from the Commission. It does not even meet the regulatory requirement, so its activity is illegal.
Nigeria is next in line for authorities to crack down on Binance
The move by Nigerian authorities came shortly after just a few days ago, the American Securities and Exchange Commission filed a lawsuit against Binance in the United States. In a lawsuit against the largest global crypto exchange by market capitalization, the company is accused of selling unauthorized securities. Furthermore, he did not apply for a license to carry on stock exchange and brokerage activities. In the case of Nigeria, local authorities have emphasized from the outset that all cryptocurrencies are considered securities.
However, the current step is the first in which actual official action is taken against a major stock exchange platform. Yet In May, Bloomberg reported that the Nigerian authorities had begun accepting license applications from crypto companies on a test basis.. However, it was already highlighted that there will be no official license issuance until the Securities and Exchange Commission reaches an agreement with the Nigerian central bank. By the way, banks are currently prohibited from providing services to crypto platforms in the country.
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