Nigeria's Securities and Exchange Commission (SEC) has declared Binance's operations in the country illegal and ordered the exchange to stop soliciting Nigerian investors.

The SEC stated that Binance had encouraged the Nigerian public to trade crypto assets on its unregistered platforms, and as a result, the exchange is facing an immediate ban from soliciting Nigerian investors in any form. Binance is a top crypto platform in Nigeria and was in discussions with the Nigerian Export Processing Zones Authority (NEPZA) to establish a virtual free zone focused on blockchain and the digital economy. Binance has faced increased regulatory pressures across multiple jurisdictions, including the US, Canada, and Australia, and has promised to continue cooperating with regulators and defend itself in court.