Binance CEO chang peng zhao has 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 make the advertisement. On June 9, the Nigerian Securities and Exchange Commission (SEC) released a circular declaring the illegality of Binance Nigeria Limited in the country.
According A Binance spokesperson reportedly responded that the entity mentioned in the circular is not affiliated with the company. The spokesperson expressed the company's intention to seek clarity from the Nigerian SEC and reiterated its commitment to cooperate with it on the next steps.
Binance has issued a cease and desist notice to the scam entity "Binance Nigeria Limited".
Don't believe everything you read on the news. โโ๏ธ
โCZ Binance (@cz_binance) June 18, 2023
Although Binance claimed not to be affiliated with Binance Nigeria Limited, as mentioned in the SEC memo, the company is Simultaneously faces a lawsuit of the United States Securities and Exchange Commission. The US SEC has filed 13 charges against the Binance and Zhao entities.
Related: Binance CEO CZ Deems SEC Emergency Relief Request Unwarranted
Some charges include operating as an unregistered exchange, stockbroker, clearinghouse, and misrepresenting trading controls. The US SEC stated that despite earning $11.6 billion from US clients, Binance and Zhao did not register as an exchange, broker-dealer or clearing agency.
In a recent development on June 17, US Judge Amy Berman Jackson approved a settlement between Binance.US, Binance and the US SEC. This settlement resulted in the dismissal of a previous temporary restraining order that was intended to freeze all assets of Binance.US.
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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