Following the release of a circular by the Nigerian Securities and Exchange Commission declaring Binance Nigeria Limited as illegal in the country, Binance has now issued a cease and desist notice to a fraudulent Nigerian entity. The regulatory concerns surrounding Binance have led to proactive measures being taken against unauthorized entities operating under its name.
Binance CEO Changpeng Zhao has confirmed that Binance has taken action by issuing a cease and desist notice to the fraudulent entity operating as Binance Nigeria Limited. This step aims to address the unauthorized usage of the Binance brand and protect users from potential scams or fraudulent activities.
Binance CEO Changpeng Zhao used Twitter on Sunday, June 18, to inform the public about the issuance of a cease and desist notice to the fraudulent entity, Binance Nigeria Limited. This action follows the Nigerian Securities and Exchange Commission (SEC) circular released on June 9, declaring Binance Nigeria Limited illegal in the country. Binance clarified that the mentioned entity is unrelated to the company and expressed their intention to seek clarification from the Nigerian SEC while affirming their commitment to cooperate on future actions.
Binance have issued cease & desist notice to the scammer entity "Binance Nigeria Limited".
Don't believe everything you read in the news. 🤷♂️
— CZ 🔶 BNB (@cz_binance) June 18, 2023
Also Read: Binance and Binance.US Strike Agreement with US SEC
In addition to disassociating itself from Binance Nigeria Limited as mentioned in the Nigerian SEC’s circular, Binance is currently confronted with a lawsuit from the United States Securities and Exchange Commission (SEC). The U.S. SEC has filed 13 charges against Binance entities and its CEO, Changpeng Zhao (CZ), highlighting a further legal challenge for the company.
Among the charges brought forth by the U.S. Securities and Exchange Commission (SEC) against Binance and CEO Changpeng Zhao (CZ) are allegations of operating as an unregistered exchange, broker-dealer, and clearing agency. The SEC’s claims assert that despite generating $11.6 billion in revenue from U.S. customers, Binance and Zhao did not register as required entities in these categories, along with misrepresenting trading controls.
In a significant development on June 17, U.S. Judge Amy Berman Jackson gave her approval to an agreement reached between Binance.US, Binance, and the U.S. Securities and Exchange Commission (SEC). As a result of this agreement, the previous temporary restraining order, which sought to freeze all assets of Binance.US, was dismissed. This marks a notable development in the ongoing legal proceedings between Binance and the U.S. SEC.
Binance, a cryptocurrency exchange platform accessible in approximately 100 countries, established its headquarters in George Town, Cayman Islands, in 2017. Furthermore, in 2019, the company registered a subsidiary in Mahe, Seychelles. These strategic registrations reflect Binance’s global presence and operational footprint in different jurisdictions.
Also Read: Binance, SEC Deal: U.S. Funds and Wallet Keys Return Onshore, Bypassing Restraining Order
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
Follow Cryptos Headlines on Google News
Join Cryptos Headlines Community
