The Securities and Exchange Commission (SEC) of Nigeria has ordered Binance to halt its operations in the country in another major blow for the world's largest cryptocurrency exchange.
In a statement, the SEC said that a local unit of Binance was illegally courting investors through a website due to the company not being registered or regulated. The statement, dated 9 June, says: "Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever."
The Nigerian SEC last year published a set of regulations for digital assets as it sought to find a balance between a ban on crypto assets and their unregulated use. The year prior, Nigeria’s central bank banned banks and financial institutions from dealing in or facilitating transactions in digital currencies.
The news is an added blow for Binance, which last week was sued by the US Securities and Exchange Commission. The regulator alleged that Binance had mixed "billions of dollars" in customer funds and secretly sent them to a separate company controlled by founder and chief executive, Changpeng Zhao. Zhao, Binance Holdings and two additional Binance-linked companies, face 13 civil charges.
The US SEC also is suing fellow crypto exchange Coinbase, alleging the company made billions of dollars by operating as a middleman on crypto transactions, while evading disclosure requirements meant to protect investors.
Latest News
-
UK regulators launch inquiry into Big Tech digital wallets
-
Citi taps Barclays for new commercial head
-
Santander launches digital sign language service
-
Anne Boden steps down from Starling board to 'develop AI business'
-
NatWest payments arm partners with JD Wetherspoon
-
Government stake in NatWest drops below 20 per cent
.png)
Safeguarding economies: DNFBPs' role in AML and CTF compliance explained
Join FStech editor Jonathan Easton, NICE Actimize's Adam McLaughlin and Graham Mackenzie of the Law Society of Scotland as they look at the role Designated Non-Financial Businesses and Professions (DNFBPs) play in the financial sector, and the challenges they face in complying with anti-money laundering and counter-terrorist financing regulations.
Ransomware and beyond: Enhancing cyber threat awareness in the financial sector
Join FStech editor Jonathan Easton and Proofpoint cybersecurity strategist Matt Cooke as they discuss the findings of the State of the Phish 2023 report, diving into key topics such as awareness of cyber threats, the sophisticated techniques being used by criminals to target the financial sector, and how financial institutions can take a proactive approach to educating both their employees and their customers.
Click here to read the 2023 State of the Phish report from Proofpoint.
Click here to read the 2023 State of the Phish report from Proofpoint.
Cracking down on fraud
In this webinar a panel of expert speakers explored the ways in which high-volume PSPs and FinTechs are preventing fraud while providing a seamless customer experience.
Future of Planning, Budgeting, Forecasting, and Reporting
Sage Intacct is excited to present FSN The Modern Finance Forum’s “Future of Planning, Budgeting, Forecasting, and Reporting Global Survey 2022” results. With participation from 450 companies around the globe, the survey results highlight how organisations are developing their core financial processes by 2030.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories