The Nigerian Securities and Exchange Commission (SEC) has warned local investors against using one of the world’s largest crypto exchanges, Binance. It refers to the previous circular issued against a fraudulent company illegally using the Binance brand.
On July 28, the SEC issued a warning against investing with Binance. The agency insists that the platform doesn’t have a license to work in the country and that its operation is illegal. It also reminds the public about the high level of risk and potential total loss of investments: