In response to the Nigerian SEC’s announcement of the illegal activities of Binance Nigeria Limited, who is not affiliated with Binance, the platform sent a request for the organization to stop working.
Changpeng Zhao, head of the exchange, encouraged users not to believe all the news they hear. To prevent money laundering and protect platform security, Binance blocked 281 accounts of traders from Nigeria in January 2022.
Despite the SEC’s ban on cryptocurrencies that same year, asset-backed tokens may be an exception — but a licensing agreement between crypto platforms and the local central bank must be reached first.
As a reminder, the central bank prohibited commercial financial institutions from providing services to digital asset companies and exchanges back in 2021. Binance has declared its willingness to comply with the regulator’s orders.
