Sunday, 3rd December 2023

Binance CEO declares ‘Binance Nigeria Limited’ fraud entity, issues cease & desist notice

By Jimisayo Opanuga

19 June 2023 | 10:14 am

The world's largest cryptocurrency exchange, Binance, has declared “Binance Nigeria Limited” a fraudulent entity.

Changpeng Zhao, founder and chief executive officer of Binance, attends the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France June 16, 2022. REUTERS/Benoit Tessier

The world’s largest cryptocurrency exchange, Binance, has declared “Binance Nigeria Limited” a fraudulent entity.

The Chief Executive Officer of Binance, Changpeng Zhao, disclosed this via his verified Twitter handle on Sunday.

Zhao described the purported Nigerian crypto exchange platform subsidiary as “a scam entity.”

He, however, noted that the company had issued a cease & desist notice to the scammer entity “Binance Nigeria Limited”.

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

The Nigeria Securities and Exchange Commission (SEC Nigeria) recently declared Binance Nigeria Limited’s operation in the country illegal.

Binance Nigeria Limited, according to the commission, is neither registered nor regulated by the commission, and its operations in Nigeria are illegal, noting that any member of the investing public dealing with the entity does so at his/her own risk.

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