SEC Vigilant as Binance Nigeria Limited's Activities Come Under Scrutiny

The SEC Warning is Not Related to the Recent Events in the US

A trusted source to Unlock, working on this matter, revealed that regulators are becoming increasingly frustrated with Binance's non-compliance with licensing and regulatory requirements across various jurisdictions. This lack of adherence is particularly concerning to regulators as it poses risks to consumer and investor protection.

However, the source confirmed that though the timing might look synced with SEC US decision, the SEC's decision regarding Binance Nigeria is unrelated to recent events in the United States. The SEC, in collaboration with the Nigerian government, have been investigating Binance's operations in Nigeria for the past five years, making this issue nothing new in Nigeria. The Nigerian government has expressed concerns about the company's activities, including soliciting funds and disregarding legal obligations, over the past period.

The source stated that SEC's circular was issued in response to Binance's solicitation of digital assets using E-Neira through its social media channels.

The regulator's objective was to alert the public that Binance is an unlicensed company without regulatory oversight. By engaging with Binance, individuals assume the associated risks, as the regulator cannot provide protection. It is important to exercise caution in such circumstances.

Based on the source, Nigeria is expected to release their first digital assets regulation in the upcoming two months.

This Article has been updated at 4:55 UAE time based on the latest information received by Unlock.