18-6-2023 (LONDON) Binance, the global cryptocurrency exchange, has taken action against “Binance Nigeria Limited” by issuing a cease and desist order, according to a tweet by Binance CEO Changpeng Zhao on Sunday. The Nigerian company has been labeled a “scammer entity” by Zhao.
This move comes in the wake of Nigeria’s markets regulator ordering Binance to cease its operations in the country. The regulator stated that “Binance Nigeria Limited,” which had been soliciting Nigerian investors through an unregistered and unregulated website, was in violation of the law.
Binance, known as the largest cryptocurrency exchange in the world, has been facing a series of setbacks recently. The company announced its plans to exit the markets in the Netherlands, Cyprus, Canada, and Australia. Additionally, Binance has been confronted with legal challenges, including being charged by the U.S. Securities and Exchange Commission (SEC).
The SEC filed a lawsuit against Binance and CEO Changpeng Zhao, accusing the company of artificially inflating trading volumes, misusing customer funds, and providing false information about its market surveillance measures. Binance has denied these allegations put forth by the SEC.
