Nigeria Orders Binance to Suspend Service to Traders

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The Nigerian Securities Authority has recently released a statement warning investors to stay away from Binance, an unlicensed and unregulated cryptocurrency exchange operating in the country.

After the SEC lawsuit against major crypto exchanges was published, the regulator demanded that Binance suspend services to Nigerian investors.

Bloomberg reported that Nigeria is leading Africa in terms of the rate of adoption of digital currencies, according to Chainalysis.

In an effort to make the regulatory framework more conducive to the blockchain industry, President Bola Tinubu has signed a manifesto on the revision of legislation on the regulation of the crypto market.