Changpeng Zhao, Binance’s chief executive officer (CEO),
says the subsidiary of the cryptocurrency exchange, Binance Nigeria Limited, is
a “scammer entity”.
Zhao spoke in a tweet on Sunday, confirming the illegal
operations of the company in Nigeria.
Binance have issued cease & desist notice to the scammer entity "Binance Nigeria Limited".
— CZ 🔶 Binance (@cz_binance) June 18, 2023
Don't believe everything you read in the news. 🤷♂️
“Binance have issued cease and desist notice to the scammer
entity ‘Binance Nigeria Limited’. Don’t believe everything you read in the
news,” Zhao tweeted.
Zhao’s position comes one week after the Securities and
Exchange Commission (SEC) declared the operations of Binance Nigeria Limited
illegal in the country.
According to the commission, the cryptocurrency platform had
been actively promoting its web and mobile-enabled platforms to Nigerians.
The commission said the company is neither subject to its
regulations nor registered.
“Binance Nigeria Limited is neither registered nor regulated
by the commission and its operations in Nigeria are therefore illegal. Any
member of the investing public dealing with the entity is doing so at his/her
own risk,” SEC said.
“As the regulator
with the statutory mandate of investor protection, the commission urges
Nigerians to be wary of investing in crypto assets, and crypto-asset related
financial products and services if the service provider/its platform is not
registered or regulated by the commission.”
Meanwhile, Binance, the world’s largest crypto trading
platform, is facing a series of lawsuits, as it plans to exit the Netherlands,
Cyprus, Canada, and Australia.
The company is being charged by the U.S. Securities and
Exchange Commission (SEC) for allowing the trading of unregistered tokens.
Last year, the crypto firm announced plans to form a recovery
fund to help crypto projects facing a liquidity crisis.
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