Binance, a popular cryptocurrency exchange in Nigeria, has faced a tough week. The Nigerian Securities and Exchange Commission (SEC) has deemed the exchange illegal and directed Binance Nigeria Limited to immediately stop soliciting Nigerian investors. The SEC noted that Binance is neither registered nor regulated in the country, making its operations illegal. This comes just days after the U.S. Securities and Exchange Commission sued Binance, pressing 13 charges against the company, including accusations of unregistered offers and sales of securities. The ban follows recent regulatory developments within the local crypto ecosystem, including the introduction of a 10% tax on gains from digital assets.
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