Earlier, the local regulator also issued a ruling that the firm’s activities in the country are illegal

​Binance CEO denies the involvement of the exchange in the scammer organization Binance Nigeria Limited

19.06.2023 - 09:10

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2 min

What’s new? On June 18, Binance CEO Changpeng Zhao announced that the exchange officially issued a cease and desist notice to the scammer company Binance Nigeria Limited. On June 9, the Securities and Exchange Commission of Nigeria (SEC) issued a ruling that the firm’s activities in the country are illegal. A spokesperson for Binance also confirmed to the SEC that the firm was not affiliated with the exchange and said it was willing to cooperate with the regulator on further steps.

What happened before? On June 5, Binance faced a lawsuit from the US Securities and Exchange Commission (SEC). The regulator brought 13 charges against Binance’s divisions and Zhao, including trading in unregistered securities and using customer funds. On June 17, Binance and the SEC entered into a preliminary agreement that led to the reversal of the order freezing all assets of the platform’s US arm.

Earlier, representatives of the Indian crypto exchange WazirX said that Binance controls the WRX exchange token and retains all of the proceeds from the initial exchange offering (IEO) in BNB coins to the tune of about $2 million. In this, Zhao denied any financial ties between the platforms as recently as last year.

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