“Binance has issued cease & desist notice to the scammer entity ‘Binance Nigeria Limited’. Don’t believe everything you read in the news,” he wrote.
By Jeffrey Agbo
Following the Nigerian authorities’ clampdown on Binance, the company’s Chief Executive Officer, Changpeng Zhao, has declared the Nigerian subsidiary a scam.
Zhao made this known via his Twitter handle on Sunday, labelling the firm a scam.
“Binance has issued cease & desist notice to the scammer entity ‘Binance Nigeria Limited’. Don’t believe everything you read in the news,” he wrote.
The Securities and Exchange Commission (SEC) of Nigeria had said the company was operating illegally in the country as it is not registered or regulated by the SEC.
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The commission made this known via a circular published on its website and dated June 9, 2023.
It said, “The attention of the Securities and Exchange Commission (the Commission) has been drawn to the website operated by Binance Nigeria Limited, soliciting the Nigerian public to trade crypto assets on its various web and mobile-enabled platforms.
“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.”
The commission further urged Nigerians to be wary of investing in crypto-assets and crypto-asset-related financial products and services if the service provider/platform is not registered nor regulated by it.
