Binance CEO Changpeng Zhao has issued a cease and desist notice to the fraudulent entity known as Binance Nigeria Limited.
This action comes in response to a circular released by the Nigerian Securities and Exchange Commission (SEC) declaring the illegality of Binance Nigeria Limited in the country.
Binance CEO Changpeng Zhao confirmed the notice on Twitter, emphasizing that the mentioned entity is not affiliated with Binance. The company intends to seek clarity from the Nigerian SEC and cooperate with them on the next steps.
Simultaneously, Binance is facing a lawsuit from the U.S. Securities and Exchange Commission (SEC). The charges include allegations of operating as an unregistered exchange and misrepresenting trading controls.
Despite earning substantial revenue from U.S. customers, Binance and Zhao failed to register as exchange or broker-dealers.
However, a recent development saw a U.S. judge approving an agreement between Binance.US, Binance, and the U.S. SEC, leading to the dismissal of a previous restraining order.
With its global presence across approximately 100 countries, Binance’s headquarters are in George Town, Cayman Islands, and it registered a subsidiary in Mahe, Seychelles in 2019.
While Binance addresses the legal challenges it faces, the company remains committed to cooperating with regulatory authorities and ensuring compliance in the cryptocurrency industry.