Nigeria’s SEC Declares Binance Operations Illegal
When you deal with some problems, you will see more problems come on your way. It feels like every challenging factors are active to challenge you and you have to face them all. Everyone knows that the largest cryptocurrency exchange Binance handles some challenging situations.
Now the Nigerian Securities and Exchange Commission (SEC) warns against trading on Binance. They talk about the risk of investing in crypto and especially warn against investing with Binance. The agency stated that Binance does not have a license to operate its business and its operation is illegal in Nigeria.
The SEC warned people against Binance Nigeria. It sounds like a company that is related to Binance or controlled by Binance. The thing is, Binance Nigeria is a fraudulent company that uses the Binance brand. It has no affiliation with the crypto exchange Binance. That indicates that this entity intends to deceive people.
Binance confirmed that they had no relation with Binance Nigeria. The fraudulent entity uses the Binance brand to mislead people. The SEC has made its move against Binance which will put more pressure. The SEC points out the risk in crypto and the possible result of losing investments.
Do you think investors don't consider the risk while investing in cryptocurrency? They do their analysis and research before making any move to invest in crypto assets. The SEC's approach will discourage people from using crypto exchanges. People will choose alternatives to trade and invest in crypto.
There are reasons why the crypto adoption rate is high in Nigeria. The inflation rate is so high. People are losing purchasing power consistently. They consider crypto as a way to deal with the problems they are struggling with. Crypto is a blessing. They find solutions in crypto and see the light to improve their finances.
According to the SEC, anyone dealing with crypto or an unregistered crypto exchange does that at their own risk. The central authority puts more pressure on this crypto exchange. You often hear them talking about protecting investors. Are you wondering like me whether the regulatory agency is there to protect retail investors or institutional investors?