Sunday , 16 June 2024
Home Fintech Binance Warns, “We have no Affiliation with Binance Nigeria Limited”.

Binance Warns, “We have no Affiliation with Binance Nigeria Limited”.

Binance, a leading cryptocurrency exchange, has distanced itself from Binance Nigeria Limited, clarifying that the recent ban imposed by the Nigerian Securities Exchange Commission (SEC) on the Nigerian firm does not affect its operations.

According to a report from Mariblock, an online platform, the SEC circular specifically targeted Binance Nigeria Limited, an inactive entity that has had no affiliation with since 2019. The SEC cautioned against Binance Nigeria Limited’s efforts to solicit Nigerians for crypto asset trading on its platforms.

However, a Binance spokesperson stressed that the entity mentioned in the circular is not connected to Binance. They are seeking clarification from the Nigerian SEC and expressing their willingness to cooperate with them. The spokesperson reassured users that their assets on Binance are secure, accessible, and protected, with customer satisfaction being the company’s top priority.

Binance Nigeria Limited was registered with the intention of potential arbitrage, assuming that Binance might establish operations in Nigeria. However, as clarified, this never happened, and the entity remains inactive.

Meanwhile, Binance continues to face challenges in the United States. Its American affiliate recently announced the suspension of Dollar deposits. In a tweet, Binance US stated that its banking partners were preparing to halt channels for Dollar withdrawals, following a request from the US Securities and Exchange Commission (SEC) to freeze its assets. Customers were given until Tuesday to withdraw their funds.

Furthermore, Robinhood Markets, a trading platform, revealed its decision to delist certain crypto tokens due to increased regulatory scrutiny from the US securities regulator.

These recent developments raise concerns about the future of the cryptocurrency industry, which has encountered various challenges in the past, including the collapse of FTX, a banking crisis in the US, and reduced funding for crypto startups.

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