It is already a habit, or at least that is how I see it, that every time a negative news against cryptocurrency exchanges arises, the market immediately fell back, such is the case of Bitcoin dropping to 25,000 dollars after the Nigerian Securities Authority considered Binance illegal.
As reported by the cointelegraph portal, it has been a difficult week for the cryptocurrency exchange Binance, considering that yesterday, June 9, the Nigerian securities authority considered the exchange illegal, a few days after Binance was sued by the Securities and Exchange Commission.
Columnist Ana Paula Pereira said that the regulator also pointed out that Binance is not registered or regulated in the country, so its operations are illegal, by literally stating that "Any investor who trades with the entity does so at his own risk".
The aforementioned article also refers that the setback comes a few days after Binance was sued by the US authorities. The U.S. SEC filed 13 charges against Binance on June 5, including allegations of unregistered offers and sales of securities, failure to register as an exchange or broker and commingling of funds.
The ban follows recent regulatory developments in the local crypto ecosystem. On May 28, former President Muhammadu Buhari signed into law the Finance Bill, which introduces a 10% tax on gains from digital assets.
SOURCES CONSULTED
Cointelegraph. Nigeria regulator halts Binance operations: Report. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating image: Medium
