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Binance, the global cryptocurrency exchange, recently declared Binance Nigeria Limited, an independent entity operating in Nigeria, as a fraudulent operation. This was announced via Twitter by Binance CEO Changpeng Zhao on June 18, following a cease and desist notice prompted by a circular from the Nigerian Securities and Exchange Commission (SEC) denouncing the operation's legality.
The cease and desist notice came after the Nigerian Securities and Exchange Commission posted a circular on June 9 informing the investors and the general public about the illegality of Binance Nigeria Limited, which is operating in the country. Binance’s co-founder and chief executive officer, Changpeng Zhao, personally addressed this issue and posted a tweet to confirm the group is a “scammer entity.”
The Binance CEO further urged the public not to “believe everything you read in the news.” Before this, the market regulators of Nigeria also ordered Binance to stop its operations in the region. The local watchdogs explained that Binance Nigeria Limited has been trying to win investors through an unregistered website which makes it an illegal operation, Reuters reported.
In any case, after the Nigerian SEC issued the circular, the spokesman of Binance also released a statement saying that Binance Nigeria Limited is not affiliated with the company. He also expressed the crypto exchange’s intention to seek clarity from the SEC and reaffirmed its commitment to cooperate in the next steps to stop the fraudster.
Meanwhile, although Binance already announced that it has no connection with Binance Nigeria Limited, CoinTelegraph mentioned that it still faces lawsuits in other countries for possible fraud. It has a pending case in the United States filed by the United States Securities Exchange Commission.
Based on the reports, the U.S. SEC filed 13 cases against Binance and its CEO, Changpeng Zhao. Some charges include misrepresenting trading controls and illegal operations due to an unregistered exchange platform.
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