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Nigerians Continue to Fume as SEC Declares Binance Operations in Nigeria Illegal
Nigerians are beginning to fume as the Securities and Exchange Commission (SEC) of Nigeria declared the operations of Binance, the world’s largest cryptocurrency exchange, illegal in the country. The SEC said in a statement that Binance is not registered with the commission and is therefore not authorized to operate in Nigeria.
The decision has been met with anger and confusion from many Nigerians who use Binance to trade cryptocurrencies. Some Nigerians have taken to social media to appeal the decision, arguing that Binance is a legitimate and safe platform for trading cryptocurrencies.
Binance has also expressed its disappointment with the SEC’s decision. In a statement seen by People’s Gazette, the company said it is “committed to working with the SEC to resolve this matter and ensure that Nigerians can continue to access safe and secure crypto trading services.”
Announcing that Binance is illegal in Nigeria will be a major setback for the cryptocurrency industry in the country. The country is one of the largest markets for cryptocurrency trading in Africa, and Binance is one of the most popular platforms for Nigerians to trade cryptocurrencies.
The SEC’s decision to ban Binance in Nigeria is also a sign of the growing regulatory scrutiny of the cryptocurrency industry around the world. Governments are increasingly concerned about the risks associated with cryptocurrencies, such as money laundering and terrorist financing.
It remains to be seen how the SEC’s decision will affect the cryptocurrency industry in Nigeria. However, it is clear that the industry is facing increasing regulatory scrutiny.
Here are some reactions:
They banned Binance service!! Renewed Ban of Crypto trading in Nigeria.. Every point where the youth are doing well, stop it Policy in play. Tinubu and Co want the youth to be at their mercy. Bow before them, sing their praise for crumbs
Aboki FX, Igbos, Mahmood Yakubu pic.twitter.com/dpjVu0G7vI
— Tobi Akinbo J. (@realTobiAkinbo) June 10, 2023
So they've finally ban Binance in Nigeria. APC is working 👏👏 pic.twitter.com/bTnt3ayh7p
— Real AYO ⚔️ (@real_ayo001) June 10, 2023