SEC warns crypto currency players to stay off Nigeria
Securities and Exchange Commission (SEC) has restated its averseness to crypto currency exchange operations in the country, warning online platforms that prospect such investments to stay away from Nigeria.
In reiterating its directive to the global crypto play, SEC pointed at a popular local crypto firm as operating illegally in Nigeria. It also outlawed all other crypto platform providers from soliciting investments from Nigerian citizens.
The SEC said the new directive reiterated a June 9 warning referring websites soliciting investments from Nigerians. At the weekend the regulator called the Binance group to cease and desist further
“The commission again reiterates that the activities of Binance, https://www.binance.com and any such other platform through which the company solicits investors, is neither registered nor regulated by the commission and its operations in Nigeria are therefore illegal,” the SEC said.
The regulator ordered all platform providers affiliated with crypto to stop reaching out to Nigerian investors.
The country has been processing crypto exchange applications to register on a trial basis, but will not complete registration until an agreement is reached with the central bank, which has blocked local financial institutions from interacting with crypto services providers.
The Commission also warned the public, in more general terms, “to be wary of investing in crypto assets and other products offered or operated by entities not registered or regulated by the Commission.”
“By this circular, all platform providers, making such solicitations, are hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever,” it said.
