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Changpeng “CZ” Zhao, the CEO of Binance, has stated that the cryptocurrency exchange has issued a cease and desist notice to Binance Nigeria Limited, a fraudulent exchange that is not associated with Binance or any of its entities.
Zhao made an announcement on his account on Twitter, explaining that Binance had issued a notice to the fraudulent exchange.
Binance have issued cease & 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
Earlier this month, the Nigerian Securities and Exchange Commission (SEC) released a circular notice that explained that Binance Nigeria Limited is not registered with the commission and is operating illegally:
“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. 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.“
A Binance spokesperson noted that Binance Nigeria Limited was not affiliated with Binance at all. The spokesperson stated that they are currently seeking clarity from the SEC in Nigeria. Additionally, they are working with the SEC to resolve the matter.
Binance in battle with the US SEC
While Binance has openly stated to have no affiliation with Binance Nigeria Limited, the company is in legal despite with the United States SEC. Binance.US, Binance, and Zhao are currently facing 13 charges from the SEC. The charges include violations against regulations, with Binance operating as an exchange, agency, and broker-dealer unregistered with the SEC. According to the SEC, Binance and Zhao have failed to effectively register the exchange despite earning $11.6 billion from customers in the US.