Binance CEO Changpeng Zhao recently made an announcement regarding Binance’s action against the fraudulent entity known as Binance Nigeria Limited. Zhao took to Twitter on June 18 to inform the public that Binance has officially issued a cease and desist notice to the entity in question. This comes after the Nigerian Securities and Exchange Commission (SEC) released a circular on June 9, declaring the illegality of Binance Nigeria Limited’s operations within the country.
Responding to the SEC’s circular, a spokesperson from Binance stated that the entity mentioned in the circular has no affiliation with the company. The spokesperson further emphasized Binance’s commitment to seeking clarity from the Nigerian SEC and expressed their willingness to cooperate with the commission in determining the appropriate course of action.
However, it is worth noting that Binance is currently facing legal challenges from another regulatory body. The United States Securities Exchange Commission (SEC) has filed 13 charges against Binance entities and Changpeng Zhao himself. This is a separate matter from the issue with Binance Nigeria Limited and underscores the ongoing regulatory scrutiny faced by the company.