SEC warns against investing with Binance, Includes that assets at high levels of risk.

Nigeria’s Security and Exchange Commission, SEC, has once more advised Nigerians towards making an investment with crypto trade Binance. 
In a statement released on Friday night, the SEC stated that is in furtherance of the Commission’s in advance circular, dated nine June 2023, with admire to the internet site operated through Binance (used for soliciting the Nigerian public to alternate crypto assets. 
They delivered they’ll offer updates on growing in addition regulatory movements with appreciate to the sports of such operators.

Warning 

The SEC warned again that the activities of Binance are not registered nor regulated, saying their activities are illegal, they said: 

• “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.  
• “Any member of the investing public dealing with the entity, making such solicitation is doing so at his/her own risk. 

High-risk 

The SEC also noted that anyone investing with the exchange is doing so at his or her own risk, and it may result in loss of investments, adding: 

• “As the regulator with the statutory mandate of investor protection, the Commission hereby warns the public that investing in crypto-assets has a high level of risk and may result in total loss of investments.  
• “The Commission, therefore, urges the investing public 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. 

The SEC additionally mentioned that they may preserve to offer updates on in addition regulatory movements with admire to the sports of such operators and associated platforms, and shall paintings with different regulators in Nigeria to offer in addition steerage in this matter. 

Previous warning 

Recall Nairametrics mentioned final month that the SEC issued a declaration emphasizing that Binance Nigeria isn’t registered or regulated via way of means of the SEC, making its operations in Nigeria illegal.  

According to a declaration posted on its website, SEC claimed Binance Nigeria Limited, an alleged subsidiary of the famous international cryptocurrency alternate Binance, has been actively selling its net and mobile-enabled structures to the Nigerian public. 
The SEC additionally made it clean that the company’s sports violate Nigerian regulation urging Nigerians to workout warning while coping with unregistered and unregulated structures including Binance Nigeria., coming after Binance.US, the U.S. subsidiary of the worldwide alternate, changed into sued with the aid of using the U.S. SEC, accused of running an unlawful securities trade.