It's the second warning against Binance in the last months — although the previous one aimed at the fradulent company, using the exchange's brand.
The Nigerian Securities and Exchange Commission has warned local investors against using one of the world’s largest crypto exchanges, Binance. It refers to the previous circular issued against a fraudulent company illegally using the Binance brand.
On July 28, the SEC issued a warning against investing with Binance. The agency insists that the platform doesn’t have a license to work in the country and that its operation is illegal. It also reminds the public about the high level of risk and potential total loss of investments: “Any member of the investing public dealing with the entity, making such solicitation is doing so at his/her own risk.”a circular limiting the activities of Binance Nigeria. The circular represented the same type of warning for investors and platforms as the one it has published now. However, Binance Nigeria was a fraudulent entity without any affiliation with Binance.
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