The Nigerian operations of the cryptocurrency exchange Binance have been ruled illegal by the Securities and Exchange Commission.
A recent announcement on the Commission's website made this disclosure.
It claimed that Binance is not authorised to operate in the country and that it is neither registered with it nor subject to its regulation.
It was mentioned that using the exchange came with its own risks for anyone using it.
"The Securities and Exchange Commission (the Commission) has been made aware of the website operated by Binance Nigeria Limited, which invites the Nigerian public to trade cryptocurrencies on its various web and mobile-enabled platforms," it said.
It is unlawful for Binance Nigeria Limited to operate in Nigeria as it is neither registered with nor subject to the Commission's regulation. Dealing with the entity is done at the risk of the investing public.
The Commission also cautioned Nigerians against investing in cryptocurrencies and financial products and services related to them if the platform or service provider is not authorised or registered.
"Nigerian investors are at this time advised that investing in crypto-assets is extremely risky and may result in total loss of their investment.