The Securities and Exchange Commission (SEC) has declared the operation of Binance Nigeria Limited, a subsidiary of Binance illegal in the country.

The commission added that anyone conducting business on the exchange is doing so at their own risk.

A post on the website dated June 9, 2023 said: The attention of the Securities and Exchange Commission (the Commission) has been drawn to the website operated by Binance Nigeria Limited, soliciting the Nigerian public to trade crypto assets on its various web and mobile-enabled platforms.

“Binance Nigeria Limited is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal. Any member of the investing public dealing with the entity is doing so at his/her own risk.

“Nigerian investors are hereby warned that investing in crypto-assets is extremely risky and may result in total loss of their investment. By this circular, Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever.”

The SEC also stated that it will provide updates on further regulatory actions with respect to the activities of Binance Nigeria Limited and other similar platforms and is set to work with other regulators in the country to provide further guidance on this matter.