Regulatory body in Nigeria wants Binance banned
On Aug. 9, 2023, local reports revealed that the Association of Bureaux De Change Operators of Nigeria (ABCON), responsible for formulating regulatory frameworks for naira-dollar exchange, wants Binance banned . Nigeria taking action ABCON asserted that Binance’s activities contribute to the strain on the naira, a sentiment echoed by Nigeria’s Securities and Exchange Commission (SEC) in a June 2023 statement. The SEC emphasized that Binance Nigeria lacks proper registration and regulation, rendering its operations in Nigeria illegal. As the guardian of investor interests, the SEC underscored the substantial risks of dealing with Binance Nigeria or similar unregistered platforms. You might also like: Nigeria SEC declares Binance operations in country illegal Notably, in May 2022, the SEC also issued a rulebook categorizing all cryptocurrencies as securities. The association noted a shift in sentiment in the prevailing foreign currency market scenario....