“Binance Takes Legal Action Against Nigerian Scammer Entity, Issuing Cease and Desist Notice”

Binance Nigeria Limited Cease and Desist Notice

The CEO of Binance, Changpeng Zhao (CZ), has declared that Binance has issued an official cease and desist notice to the illegitimate organization known as Binance Nigeria Limited.

On Sunday, June 18, the CEO utilized Twitter to make the proclamation. Nevertheless, it is noteworthy that on June 9, the Nigerian Securities and Exchange Commission (SEC) issued a circular declaring the illegality of Binance Nigeria Limited in the country.

A spokesperson from Binance responded to the reports, asserting that the entity mentioned in the circular had no connection to them. They declared their eagerness to gain understanding from the Nigerian SEC and reaffirmed their dedication to working with them on the next steps.

SEC Lawsuit Against Binance Entities and Changpeng Zhao

During that period, the Nigerian SEC’s circular cast a pall on Binance’s prospects. Despite there being no connection between Binance and Binance Nigeria Limited, as stated in the circular, Binance was concurrently facing a lawsuit from the United States Securities and Exchange Commission (U.S. SEC). The U.S. Commission had filed 13 indictments against Binance entities and their CEO, Changpeng Zhao.

The U.S. SEC accused Binance Holdings Limited and its CEO, Zhao, of several charges, such as running unregistered exchanges, broker-dealers, and clearing agencies, and providing false information regarding trading controls. In addition, even though they earned $11.6 billion from U.S. customers, they failed to register as an exchange, broker-dealer, or clearing agency. Furthermore, they were accused of allowing high-value U.S. investors to access Binance.com.

On June 17, Judge Amy Berman Jackson of the United States granted approval to the agreement between Binance.US, Binance, and the Securities and Exchange Commission. This agreement led to the lifting of the temporary restraining order that had been issued to freeze all Binance.US assets.

Binance CEO CZ considers the SEC’s request for urgent assistance to be unjustified.

In 2017, Binance, which is accessible in almost 100 countries, established its headquarters, Binance Holdings Limited, in George Town, Cayman Islands. Furthermore, in 2019, it registered Binance Investments Company in Mahe, Seychelles.

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