The Nigerian Securities and Exchange Commission (SEC) has recently issued new guidelines aimed at preventing criminals from engaging in capital market activities. The SEC’s latest guidance focuses on anti-money laundering (AML) and counter-terrorism financing (CFT) regulations to safeguard the country’s capital market from illicit activities.

The SEC’s initiative includes the development of an AML/CFT/CPF onboarding manual to screen Digital and VASP Beneficial Owners and ensure that criminals are not registered as operators in the capital market. The goal is to enhance the integrity of the Nigerian capital market and protect investors from fraudulent schemes.

These measures come in the wake of an investigation into Binance, one of the largest cryptocurrency exchanges, for alleged illegal activities and manipulation of the naira exchange rate in Nigeria. Following reports from Nigerian users, Binance has been banned in Nigeria, leading to disruptions in naira services and prompting users to resort to VPN services to access the exchange.

In response to the investigation, Nigerian security agencies have detained two Binance employees on suspicion of currency manipulation, tax evasion, and involvement in illegal transactions. As a result, Binance has halted all naira services in Nigeria.

“The SEC’s new guidelines underscore its commitment to maintaining the integrity of the Nigerian capital market and protecting investors from illicit activities. By implementing stringent AML/CFT regulations, the SEC aims to prevent criminals from accessing the country’s financial system,” stated a representative from the SEC.

For more updates and news on cryptocurrency regulations and developments, visit Global Crypto News.

Post Views: 2