Nigeria orders Binance to suspend service to traders

The Nigerian Securities Authority, just days after the publication of the SEC lawsuit against the main crypto exchanges, recognized the operation of Binance in the country as illegal.

The regulator demanded that the trading platform suspend services to investors in Nigeria.

According to Bloomberg, the agency recalled that the exchange operates in the country without a license and is not regulated by the state.

The Securities Administration said in a statement:

We suspect that Binance is putting client funds at risk. Any investor interacting with this company does so at their own risk.

Binance is one of the most popular cryptocurrency exchanges in Nigeria.

According to Chainalysis, an analytics company, Nigeria leads Africa in terms of the rate of adoption of digital currencies.

President Bola Tinubu signed a manifesto on the revision of legislation on the regulation of the crypto market. The authorities want to make the regulatory framework more comfortable for businesses representing the blockchain industry.