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Binance CEO Changpeng Zhao has announced that Binance has issued a cease-and-desist notice to a fictitious entity officially known as Binance Nigeria Limited.
On Sunday, June 18, Zhao took to Twitter to make it Announcement, On 9 June, the Nigerian Securities and Exchange Commission (SEC) Free A circular stating the illegality of Binance Nigeria Limited in the country.
According To the reports, a Binance spokesperson responded that the entity mentioned in the circular is not affiliated with the company. The spokesperson expressed the company’s intention to seek clarity from the Nigerian SEC and reiterated its commitment to cooperate with it on next steps.
Binance has issued a cease and desist notice to the scammer entity “Binance Nigeria Limited”.
Don’t believe everything you read in the news.
— CZ Binance (@cz_binance) June 18, 2023
Although Binance claimed to have no affiliation with Binance Nigeria Limited, as noted in the SEC circular, the company is concurrently facing litigation from the United States Securities Exchange Commission. The US SEC has filed 13 charges against Binance Entities and Zhao.
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Some of the charges include operating as an unregistered exchange, broker-dealer, clearing agency and misrepresenting trading controls. The US SEC said that despite earning $11.6 billion from US customers, Binance and Zhao failed to register as an exchange, broker-dealer or clearing agency.
In a recent development, on June 17, US Judge Amy Berman Jackson approved a settlement between Binance.US, Binance and the US SEC. The settlement resulted in the dismissal of a previous temporary restraining order that aimed to freeze all Binance.US assets.
Binance, which is available in nearly 100 countries, registered its headquarters in Georgetown, Cayman Islands in 2017. In 2019, it also registered a subsidiary in Mahe, Seychelles.
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