Binance CEO Changpeng Zhao announced that Binance has officially issued a cease and desist notice to the fraudulent entity known as Binance Nigeria Limited.
On Sunday, June 18, Zhao took to Twitter to create a profile advertisement. On June 9, the Nigerian Securities and Exchange Commission (SEC) issued a released Post 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 clarification from the Nigerian Securities Commission and affirmed its commitment to cooperating with it in the next steps.
Binance has issued a cease and desist notice to the fraudulent entity “Binance Nigeria Limited”.
Don’t believe everything you read on the news. ♂️
– CZ Binance (cz_binance) June 18, 2023
Although Binance has not claimed any affiliation with Binance Nigeria Limited, as stated in the SEC circular, the company is meanwhile facing a lawsuit from the United States Securities Commission. The US Securities and Exchange Commission has filed 13 charges against the Binance and Zhao entities.
Related: Binance CEO CZ finds the SEC’s request for emergency relief unjustified
Some of the fees include acting as an unregistered exchange, broker-dealer, clearing agency and misrepresenting trading controls. The SEC stated that despite earning $11.6 billion from US clients, 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 an agreement between Binance.US, Binance, and the US SEC. This agreement resulted in the rejection of a previous temporary restraining order intended to freeze all Binance.US assets.
Binance, which is available in about 100 countries, registered its headquarters in George Town, Cayman Islands, in 2017. In 2019, it also registered a subsidiary in Mahe, Seychelles.
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