Binance CEO issues cease and desist to unaffiliated Binance Nigeria Limited Binance CEO issues cease and desist to unaffiliated Binance Nigeria Limited
The Nigerian SEC had declared Binance Nigeria Limited's operation in the country as illegal.
2 min read
Updated: Mar. 1, 2024 at 4:29 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance CEO Changpeng ‘CZ’ Zhao said his exchange had issued a cease and desist notice to an unaffiliated ‘scam’ entity, “Binance Nigeria Limited,” according to a June 18 tweet.
Binance Nigeria Limited declared illegal.
On June 9, the Nigerian Securities and Exchange Commission declared Binance Nigeria Limited’s operation illegal within the country.
The regulator stated that the firm solicited the Nigerian public to trade crypto assets on its web and mobile-enabled platforms. It added:
“Binance Nigeria Limited is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal. Any member of the investing public dealing with the entity is doing so at his/her own risk.”
Binance Nigeria Limited
CryptoSlate’s Nigerian Corporate Affairs Limited (CAC) website search revealed that “Binance Nigeria Limited” was registered on December 9, 2019. The firm was registered under CAC number “1639782″ and has a physical address in Mabushi District.
An email address attached to the filing for Binance Nigeria Limited has yet to respond to CryptoSlate’s request for comment as of press time. Additionally, the entity has no social media presence, as searches of its name on Twitter, Facebook, Instagram, and Reddit brought no results.
Meanwhile, local media reported that individuals associated with Binance Nigeria Limited said it was registered for arbitrage purposes and is unaffiliated with the global exchange.
Binance response
In an email to CryptoSlate, Binance said it does not recognize the entity named in the Nigerian SEC circular.
A spokesperson for the exchange said:
“The entity mentioned in the circular is not affiliated with us. We are therefore seeking clarity from the Nigerian SEC and remain committed to working with them cooperatively on the next steps.”
Earlier in the month, the U.S. SEC sued Binance and Zhao for federal securities law violations and for facilitating trades of security offerings like BNB and BUSD. Since then, the regulator has moved to freeze the assets of its U.S. subsidiary, Binance US, and issued a court summons for CEO Changpeng ‘CZ’ Zhao.
Meanwhile, Binance said it would defend itself in court against these charges.
Additionally, the firm has faced multiple regulatory issues across several countries, including the Netherlands and Cyprus.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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BNB, or Binance Coin, is a cryptocurrency created by Binance.
Binance USD
$1.00159
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Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Binance.US
Binance.US will provide secure and reliable cryptocurrency trading to users in the United States.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.