BUSD

The Nigerian Securities and Exchange Commission (SEC) has declared Binance, a leading cryptocurrency exchange, to operate illegally in the country. <a href="https://sec.gov.ng/circular-on-the-activities-of-binance-nigeria-limited/" rel="noopener noreferrer nofollow">According</a> to the SEC, Binance Nigeria Limited is not registered or regulated by the Commission, and it has been found to encourage Nigerian citizens to trade crypto assets on its unregistered platforms. As a result, the exchange now faces an immediate ban on soliciting Nigerian investors.The SEC has warned Nigerians to refrain from engaging with Binance. This move comes as a significant blow to the exchange, which had become a market leader in Nigeria following the collapse of FTX. Binance had even discussed with the Nigerian Export Processing Zones Authority (NEPZA) last year to <a href="https://www.thisdaylive.com/index.php/2022/09/12/fg-to-create-crypto-friendly-free-zone-with-binance" rel="noopener noreferrer nofollow">establish</a> a virtual free zone focused on blockchain and the digital economy.Ironically, the Nigerian SEC&#39;s action comes amidst the country&#39;s recent efforts to embrace cryptocurrency and blockchain technology. In May, the regulator announced its decision to allow the tokenization of assets such as equities, property, and debt. Furthermore, the Nigerian government formally approved blockchain technology, recognizing its innovation and economic growth potential.Read full article at<a href="https://cryptotale.org/nigerian-sec-declares-binance-nigeria-illegal-undermining-countrys-blockchain-drive/" rel="noopener noreferrer nofollow"> CryptoTale.</a>

Nigerian SEC Declares Binance Nigeria Illegal, Undermining Country's Blockchain Drive

CryptoTale

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