A Director with the Securities and Exchange Commission , Abdulkadir Abbas, testified on Friday before a Federal High Court in Abuja, detailing how Binance Holdings Ltd breached Nigerian law to operate naira peer-to-peer services in exchange for crypto assets. Abbas, the Director of Registration, Exchanges, and Market Infrastructure Department at SEC, revealed this while giving…
“As a matter of fact, the Binance platform became a reference point for determining the exchange rate,” he added.Led in evidence by prosecuting lawyer, Ekele Iheanacho, Abbas stated that the company’s operations negatively impacted Nigeria’s financial system. “At the meeting, it was clearly observed that the 1st defendant’s mode of operation is against the provision of the Investment and Securities Act, 2007.
Abbas stressed that Binance’s platform, being unregistered and unregulated by the SEC in Nigeria, violated the Investment and Securities Act, 2007.