Nigerian SEC doubles down on Binance warning despite its recent approval in Dubai

The Nigerian Securities and Exchange Commission (SEC) reiterated its informing that Binance’s cognition wrong the state was illegal, according to a July 28 statement.

In its caller notice, the regulator specifically mentioned Binance’s authoritative website, stating that:

“The Commission again reiterates that the activities of Binance, https://www.binance.com and immoderate specified different level done which the Company solicits investors is neither registered nor regulated by the Commission and its operations successful Nigeria are truthful illegal.”

As of property time, Binance has yet to respond to CryptoSlate’s petition for comment.

Despite the Nigerian SEC warning, Binance remains a apical crypto level successful the African country. The speech cemented itself arsenic a marketplace person pursuing FTX’s collapse, with its USDT/Naira trading brace approaching $500,000 successful the past 24 hours, according to data connected the platform.

Global Regulatory Concerns

Meanwhile, the informing is coming connected the heels of Binance’s caller regulatory support successful Dubai aft suffering aggregate setbacks successful Europe. Earlier today, connected July 31, the speech revealed that it became the archetypal integer plus speech to person an Operational Minimum Viable Product (MVP) licence wrong the region, allowing it to commercialized successful the area.

After failing to get the due regulatory approval, Binance has exited respective European markets, including the Netherlands, Cyprus, Germany, and the U.K. The exchange’s spokesperson stated that the steadfast was focused connected complying with the forthcoming Markets successful Crypto Assets (MiCA) regulations to connection its services successful Europe.

Binance Nigeria

Further, successful June, the Nigerian SEC declared Binance Nigeria Limited’s operations amerciable and urged the investing nationalist to desist from utilizing the platform.

Binance clarified that the Binance Nigeria steadfast mentioned by the Nigerian fiscal watchdog was unaffiliated with Binance.com, and CEO Changpeng ‘CZ’ Zhao stated that the speech issued a cease and desist announcement to the unaffiliated ‘scam’ entity. However, the caller connection indicates that the Nigerian SEC has doubled down connected its informing astir Binance.

The station Nigerian SEC doubles down connected Binance informing contempt its caller support successful Dubai appeared archetypal connected CryptoSlate.