{"id":346321,"date":"2023-07-31T18:00:19","date_gmt":"2023-07-31T17:00:19","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=346321"},"modified":"2024-03-01T16:29:26","modified_gmt":"2024-03-01T16:29:26","slug":"nigerian-sec-doubles-down-on-binance-warning-despite-its-recent-approval-in-dubai","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/nigerian-sec-doubles-down-on-binance-warning-despite-its-recent-approval-in-dubai\/","title":{"rendered":"Nigerian SEC doubles down on Binance warning despite its recent approval in Dubai"},"content":{"rendered":"<p>The Nigerian Securities and Exchange Commission (SEC) reiterated its warning that Binance's operation within the country was illegal, according to a July 28 <a href=\"https:\/\/sec.gov.ng\/warning-against-investing-with-binance\/\">statement<\/a>.<\/p>\n<p>In its new notice, the regulator specifically mentioned Binance's official website, stating that:<\/p>\n<blockquote><p>&#8220;The Commission again reiterates that the activities of Binance, https:\/\/www.binance.com and any such other platform through which the Company solicits investors is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal.&#8221;<\/p><\/blockquote>\n<p>As of press time, Binance has yet to respond to <em>CryptoSlate's<\/em> request for comment.<\/p>\n<p>Despite the Nigerian SEC warning, Binance remains a top crypto platform in the African country. The exchange cemented itself as a market leader following FTX's collapse, with its USDT\/Naira trading pair approaching $500,000 in the last 24 hours, according to <a href=\"https:\/\/www.binance.com\/en\/trade\/USDT_NGN?theme=dark&type=spot\">data<\/a> on the platform.<\/p>\n<h2>Global Regulatory Concerns<\/h2>\n<p>Meanwhile, the warning is coming on the heels of Binance's recent regulatory approval in Dubai after suffering multiple setbacks in Europe. Earlier today, on July 31, the exchange <a href=\"https:\/\/cryptoslate.com\/binance-secures-first-operational-license-in-dubai-amid-regulatory-hurdles-in-europe\/\">revealed<\/a> that it became the first digital asset exchange to receive an Operational Minimum Viable Product (MVP) license within the region, allowing it to trade in the area.<\/p>\n<p>After failing to get the appropriate regulatory approval, Binance has exited several European markets, including the <a href=\"https:\/\/cryptoslate.com\/binance-withdraws-from-netherlands-following-vasp-license-snub\/\">Netherlands, <\/a><a href=\"https:\/\/cryptoslate.com\/binance-exits-cyprus-to-focus-on-larger-eu-markets-amid-regulatory-hurdles\/\">Cyprus<\/a>, <a href=\"https:\/\/cryptoslate.com\/binances-european-exodus-continues-as-exchange-withdraws-critical-license-application-in-germany\/\">Germany<\/a>, and the <a href=\"https:\/\/cryptoslate.com\/binances-uk-subsidiary-withdraws-fca-registration-as-european-exodus-continues\/\">U.K<\/a>. The exchange's spokesperson stated that the firm was focused on complying with the forthcoming Markets in Crypto Assets (MiCA) regulations to offer its services in Europe.<\/p>\n<h2>Binance Nigeria<\/h2>\n<p>Further, in June, the Nigerian SEC declared Binance Nigeria Limited's operations illegal and urged the investing public to desist from using the platform.<\/p>\n<p>Binance clarified that the Binance Nigeria firm mentioned by the Nigerian financial watchdog was unaffiliated with Binance.com, and CEO Changpeng &#8216;CZ' Zhao <a href=\"https:\/\/cryptoslate.com\/binance-ceo-issues-cease-and-desist-to-unaffiliated-binance-nigeria-limited\/\">stated<\/a> that the exchange issued a cease and desist notice to the unaffiliated &#8216;scam' entity. However, the new statement indicates that the Nigerian SEC has doubled down on its warning about Binance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Nigerian Securities and Exchange Commission (SEC) reiterated its warning that Binance&#8217;s operation within the country was illegal, according to a July 28 statement. In its new notice, the regulator specifically mentioned Binance&#8217;s official website, stating that: &#8220;The Commission again reiterates that the activities of Binance, https:\/\/www.binance.com and any such other platform through which the [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":346337,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[76820],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nigerian SEC doubles down on Binance warning despite its recent approval in Dubai<\/title>\n<meta name=\"description\" content=\"The Nigerian Securities and Exchange Commission re-emphasized that Binance operates illegally in the country.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/nigerian-sec-doubles-down-on-binance-warning-despite-its-recent-approval-in-dubai\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigerian SEC doubles down on Binance warning despite its recent approval in Dubai\" \/>\n<meta property=\"og:description\" content=\"The Nigerian Securities and Exchange Commission re-emphasized that Binance operates illegally in the country.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/nigerian-sec-doubles-down-on-binance-warning-despite-its-recent-approval-in-dubai\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-31T17:00:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-01T16:29:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/07\/nigeria-binance.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/nigerian-sec-doubles-down-on-binance-warning-despite-its-recent-approval-in-dubai\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/nigerian-sec-doubles-down-on-binance-warning-despite-its-recent-approval-in-dubai\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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