According to a report by an online platform, Mariblock, it was revealed that the entity addressed in the SEC circular, Binance Nigeria Limited, has been inactive since 2019 and is unaffiliated with the entity operating Binance.com.

SEC had warned that Binance Nigeria Limited was soliciting Nigerians “to trade crypto assets on its various web and mobile-enabled platforms.”

A Binance spokesperson said that, “We are aware of the circular. However, the entity mentioned in the circular (Binance Nigeria Limited) is not affiliated with us. Therefore, we seekty from the Nigerian SEC and remain committed to working with them cooperatively on the next steps.

“Most importantly, we want to remind users that their assets on Binance are safe, accessible and secure. Our greatest priority will always be to deliver for our users.

“The company (Binance Nigeria Limited) is not affiliated with Binance. It was only registered for arbitrage reasons when we thought Binance might want to set up operations in Nigeria. But that did not happen, and as you can see, it (Binance Nigeria Limited) is inactive.”

In a vague manner, SEC said that it would provide updates on regulatory actions against Binance Nigeria Limited and similar platforms, collaborating with Nigerian regulators to offer further guidance.