Nigeria Orders Binance to Halt Operations Whereas Hong Kong Welcomes Coinbase

Nigeria’s SEC exercises prudence in dealing with Binance firms.
The financial watchdog in Nigeria has mandated that Binance shut down its operations there, citing the fact that the shift was neither regulated nor registered. The Securities and Alternate Fee (SEC) in Nigeria declared the change’s operations inside the country of West Africa to be illegal in a round released on June 9.
“Binance Nigeria Restricted is hereby directed to instantly cease soliciting Nigerian traders in any kind by any means,” the Nigerian Securities and Exchange Commission ordered. “Any member of the investing public coping with the entity is doing so at his or her personal threat.”
Additionally, the US SEC requested a court order to freeze Binance’s assets.US.
“Because the regulator with the statutory mandate of investor safety, the fee urges Nigerians to be cautious of investing in crypto property, and crypto asset-related monetary services if the service supplier or its platform just isn’t registered or regulated by the fee,” the circular stated.
Nigeria’s SEC is taking measures to protect traders as the popularity of cryptocurrencies rises in the most populous country in Africa. The fee said in a May Bloomberg report that it was considering allowing tokenized coin options on authorised digital asset exchanges that were backed by equity, debt, and property—but not cryptocurrency.
However, in March, there were protests against the Central Bank of Nigeria’s (CBN) attempt to promote the adoption of e-Naira, the institution’s digital foreign currency. This also applied to the use of financial limitations. In 2021, the CBN released guidelines for the e-Naira, with the goal of establishing an authorised tender should it be successful.
The Securities and Exchange Commission (SEC) in Nigeria advises investors to use caution while making investments, and the country’s financial watchdog is exercising vigilance with Binance firms. The legislature of Hong Kong asked Coinbase earlier this week to establish digital asset exchanges as part of the Central Bank of Nigeria’s (CBN) efforts to promote the e-Naira. In addition, it has been claimed that Adenza would be acquired by Nasdaq, and Andreessen Horowitz (A16z) has built a new office in London.