LAGOS(Reuters) – Nigeria’s markets regulator has ordered the world’s largest cryptocurrency exchange Binance to cease operations in the nation, citing the illegality of a local subsidiary that courted Nigerian investors via a website.

“Binance Nigeria Limited is hereby directed to immediately cease all forms of solicitation of Nigerian investors,” the Securities and Exchange Commission (SEC) stated in a statement dated June 9. It said that the firm was neither registered or regulated, which made it unlawful.

Binance could not be reached for comment right away.

The Securities and Exchange Commission of the United States sued Binance and Coinbase this week for allegedly violating its guidelines.

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