Nigeria's SEC orders Binance to cease ‘illegal' operations, warns of ‘further regulatory actions' Cryptocurrencies
“The attention of the Securities and Exchange 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,” they wrote in a statement. “Binance Nigeria Limited is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal.”
The Commission added that any member of the public who engages with Binance Nigeria is doing so at their own risk, and the company “is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever.” The cash shortage began in late 2022 after the central bank initiated a plan to replace old 200-, 500- and 1,000-naira notes with new ones in an effort to withdraw excess liquidity from the system, get a handle on inflation and curb rising insecurity.
The increase in adoption comes nearly 18 months after the eNaira was first launched and at a time of economic strife in the country amid a shortage of cash. In January, amid a collapse in the value of the naira, the government placed limitations on the amount of cash citizens could withdraw from ATMs, which led to a spike in the price of Bitcoin against the naira.
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