Binance, one of the leading cryptocurrency exchanges, has clarified that the recent ban imposed by the Nigerian Securities Exchange Commission (SEC) on Binance Nigeria Limited does not affect its operations.
According to a report by TechEconomy, an online platform called Mariblock reported that the SEC circular was aimed at an inactive entity called Binance Nigeria Limited, which has been unaffiliated with Binance.com since 2019.
Binance emphasized that the entity mentioned in the circular has no connection to them and they are seeking clarification from the Nigerian SEC.
SEC had stated that Binance Nigeria Limited, which targeted Nigerian investors through its website, was engaging in illegal activities as it was not registered or regulated.
Binance therefore reassured users that their assets on their crypto-platform are safe and secure, and they remain committed to cooperating with the SEC.
Binance’s challenges in the United States continue as its American affiliate, Binance US, announced the suspension of Dollar deposits.
Binance US stated via a tweet that its banking partners were preparing to halt Dollar withdrawal channels due to a request from the US Securities and Exchange Commission (SEC) to freeze its assets. Customers were given until Tuesday to withdraw their funds.
Robinhood Markets, a trading platform, revealed its decision to delist certain crypto tokens following increased regulatory scrutiny by the US securities regulator.
These recent developments have raised concerns about the future of the cryptocurrency industry, which has faced various challenges in the past, including the collapse of FTX, a US banking crisis, and decreased funding for crypto startups.