The administration led by President Bola Tinubu has issued a ban on the operations of Binance Nigeria Limited.

According to a circular from the Securities and Exchange Commission (the Commission), as reported by Najja News, it has been revealed that the ban on Binance Nigeria Limited has been announced. The Commission has clarified that Binance Nigeria Limited is operating illegally in Nigeria as it is neither registered nor regulated.

The circular issued by the Securities and Exchange Commission (the Commission) states the following: "The Commission has been made aware of the website operated by Binance Nigeria Limited, which is actively encouraging the Nigerian public to engage in trading crypto assets through its web and mobile platforms.

It is important to note that Binance Nigeria Limited is not registered or regulated by the Commission, making its operations in Nigeria illegal. Any individual from the investing public who chooses to engage with this entity is assuming personal risk."

As the regulatory body responsible for safeguarding investor interests, the Commission advises Nigerians to exercise caution when investing in crypto-assets, as well as any financial products or services related to crypto-assets, unless the service provider and its platform are duly registered and regulated by the Commission. Nigerian investors are strongly cautioned that investing in crypto-assets carries significant risks and can lead to complete loss of their investment.

Through this circular, Binance Nigeria Limited is instructed to cease all activities aimed at soliciting Nigerian investors in any manner without delay.

The Commission will continue to provide updates on additional regulatory measures concerning the operations of Binance Nigeria Limited and similar platforms. It will collaborate with other regulatory bodies in Nigeria to offer further guidance and clarification on this issue.