Stock Exchange Commission bans Binance operation in Nigeria

Stock Exchange Commission bans Binance operation in Nigeria

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Stock Exchange Commission bans Binance operation in Nigeria

Stock Exchange Commission bans Binance operation in Nigeria. It has come to the attention of the Commission that Binance Nigeria Limited, a cryptocurrency exchange platform, is currently operating in Nigeria without being registered or regulated by the Commission.

This is a matter of concern as the Commission is responsible for ensuring the protection of investors and maintaining the integrity of the Nigerian capital market. It is important to note that any entity that operates in the Nigerian capital market without proper registration and regulation is considered illegal.

Therefore, the Commission advises the public to exercise caution when dealing with Binance Nigeria Limited or any other unregistered and unregulated cryptocurrency exchange platform.

It is important to note that any individual who chooses to engage with the entity in question assumes a certain level of risk.

As with any investment opportunity, there are inherent uncertainties and potential pitfalls that must be carefully considered before making a decision.

It is crucial for members of the investing public to conduct thorough research and due diligence in order to fully understand the risks involved and make informed choices.

Ultimately, the responsibility for any outcomes resulting from such investments lies solely with the individual investor.

As the guardian of investor protection, the Stock Exchange Commission takes its statutory mandate very seriously. In light of recent developments in the world of crypto-assets, the Commission would like to remind Nigerians to exercise caution when considering investing in such assets or any related financial products or services.

It is imperative that you verify whether the service provider or platform you are considering is registered and regulated by the Commission.

This will help ensure that your investment is safe and secure, and that you are protected from any potential risks or fraudulent activities. Remember, your financial well-being is of utmost importance, and the Commission is here to help you make informed decisions and protect your interests.

Dear Nigerian investors, we would like to draw your attention to the potential risks associated with investing in crypto-assets. While the allure of high returns may be tempting, it is important to understand that these investments are not without their risks.

In fact, investing in crypto-assets can be extremely risky and may result in the total loss of your investment. Therefore, we urge you to exercise caution and thoroughly research any investment opportunity before making a decision. Remember, it is always better to be safe than sorry.

In an effort to regulate investment activities and protect Nigerian investors, a circular has been issued to Binance Nigeria Limited. The circular directs the company to cease all forms of solicitation aimed at Nigerian investors.

This measure is being taken to ensure that investment activities in Nigeria are conducted in a safe and secure manner, and that investors are not exposed to any undue risks. As such, Binance Nigeria Limited is expected to comply with this directive without delay.

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