Binance CEO Changpeng 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 announcement. On June 9, the Nigerian Securities and Exchange Commission (SEC) released a circular stating the illegality of Binance Nigeria Limited in the country.

According to reports, a Binance spokesperson 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 cooperating with it on the next steps.

Binance have issued cease & desist notice to the scammer entity “Binance Nigeria Limited”.

Don’t believe everything you read in the news. ‍♂️

— CZ Binance (@cz_binance) June 18, 2023

Although Binance claimed no affiliation with Binance Nigeria Limited, as mentioned in the SEC’s circular, the company is concurrently facing a lawsuit from the United States Securities Exchange Commission. The U.S. SEC has filed 13 charges against Binance entities and Zhao.

Related: Binance CEO CZ deems SEC’s request for emergency relief unwarranted

Some charges include operating as an unregistered exchange, broker-dealer, clearing

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Author: Amaka Nwaokocha

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