<p>Legal actions against crypto firm Binance have become one of the significant events in the crypto news this week. The news has caused a wave of consequences that could significantly impact the company’s performance.</p><div class="thumbnail post-cover-image"><img src="https://www.cointribune.com/app/uploads/2023/06/Binance-cryptos--1024x683.png" srcset="https://www.cointribune.com/app/uploads/2023/06/Binance-cryptos--1024x683.png 1024w, https://www.cointribune.com/app/uploads/2023/06/Binance-cryptos--300x200.png 300w, https://www.cointribune.com/app/uploads/2023/06/Binance-cryptos--768x512.png 768w, https://www.cointribune.com/app/uploads/2023/06/Binance-cryptos-.png 1200w" sizes="(max-width: 1024px) 100vw, 1024px" class="post-cover-image--img" alt="Binance logo"></div><div class="my-4"></div>



<h2 id="h-binance-suspended-by-the-financial-market-regulator">Binance, suspended by the financial market regulator</h2>



<p><a href="https://www.cointribune.com/faut-il-fuir-de-binance/" target="_blank" rel="noreferrer noopener">Binance</a> no longer has the right to conduct its crypto activities in Nigeria. The state, one of the most engaged on the continent in terms of crypto, announced its decision on Friday, June 9. <a href="https://www.coindesk.com/policy/2023/06/10/binances-nigeria-unit-ordered-to-halt-illegal-operations-by-securities-watchdog/?utm_medium=referral&amp;utm_source=rss&amp;utm_campaign=headlines" target="_blank" rel="noreferrer noopener">The information</a> comes from the Securities and Exchange Commission of Nigeria (SEC Nigeria), the country’s financial market regulator.</p><div class="my-4"><div class="ads ">
    </div>
</div>



<p>According to the public organization, Binance’s Nigerian branch is not in compliance with the law. This irregularity thus deprives it of the right to provide its exchange services and sell securities to the public.</p>



<p>“<em>Binance Nigeria Limited is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal</em>,” said SEC Nigeria in the notice. This argument is paradoxical, especially since platform registration is not an officially mandatory requirement in the country.</p>



<p>The procedure is still experimental there, and its operationalization is entirely dependent on an agreement with the Nigerian Central Bank. Therefore, one can estimate that the measure is particularly severe against Binance, especially considering that authorities have so far considered crypto assets as securities without explicitly banning them.</p>



<figure class="wp-block-image size-full"><img decoding="async" width="942" height="872" src="https://www.cointribune.com/app/uploads/2023/06/image-52.png" alt="" class="wp-image-608783" srcset="https://www.cointribune.com/app/uploads/2023/06/image-52.png 942w, https://www.cointribune.com/app/uploads/2023/06/image-52-300x278.png 300w, https://www.cointribune.com/app/uploads/2023/06/image-52-768x711.png 768w" sizes="(max-width: 942px) 100vw, 942px"><figcaption class="wp-element-caption"><a href="https://twitter.com/JuliusRusso_/status/1667777853096861696" target="_blank" rel="noreferrer noopener">https://twitter.com/JuliusRusso_/status/1667777853096861696</a></figcaption></figure>



<p>This is the first time such a provision has been taken against a crypto company in Nigeria. Moreover, it targets one of the largest players in the global crypto industry in terms of market capitalization.</p>



<p>Does this decision have any connection to the recent lawsuits filed against Binance by the SEC? The notice does not formally indicate it. However, the circumstances in which it occurs may suggest such a cause-and-effect relationship.</p>



<p>Because BNB, Binance’s native crypto, is now considered a security by the <a href="https://www.cointribune.com/laffaire-binance-sec-monte-dun-cran/" target="_blank" rel="noreferrer noopener">SEC</a>. The question that arises from this development is what will be the fate of Nigerian BNB holders.</p>

Binance suspended in Nigeria!

Table of Contents

Cointribune EN

Other articles published on Jun 13, 2023

SUI Token Shows Promising Recovery, Rebounding from All-Time Low

Ripple CEO’s Optimism Fuels XRP Bull Run Speculation

Highly Anticipated Chancer Crypto Presale Officially Launches Today

Robinhood Delists Solana (SOL), Cardano (ADA), and Polygon (MATIC) as SEC Labels them Securities

Crypto Clash Could Cost Dems Youth Votes: Winklevoss Warning

Report: Decades-old securities laws in USA jeopardize potential for tokenization and Crypto

Join our free newsletter for daily crypto updates!