The CEO of Binance, Changpeng Zhao, has made a public declaration that a formal cease and desist notice has been served by Binance to the deceptive organization identified as Binance Nigeria Limited.
The disclosure was made by Changpeng Zhao on Sunday, June 18, via his official Twitter handle. It is worth noting that on June 9, the Nigerian Securities and Exchange Commission (SEC) released a circular that declared the operations of Binance Nigeria Limited as illegal within the jurisdiction of the country.
As per reports, a representative of Binance has stated that the organization referred to in the circular has no affiliation with their company. The spokesperson has conveyed the company’s desire to obtain clarification from the Nigerian SEC and has reiterated their commitment to working in tandem with them in the forthcoming course of action.
Despite Binance’s disavowal of any association with Binance Nigeria Limited, as highlighted in the SEC’s circular, the company is currently embroiled in a legal dispute with the United States Securities Exchange Commission. The U.S. SEC has filed 13 charges against Binance entities and Changpeng Zhao.
Several charges have been leveled against Binance entities and Changpeng Zhao by the United States Securities Exchange Commission, including operating as an unregistered exchange, broker-dealer, and clearing agency, as well as misrepresenting trading controls. The U.S. SEC has accused Binance and Zhao of failing to register as an exchange, broker-dealer, or clearing agency, despite amassing $11.6 billion in revenue from U.S. customers.
In a recent development on June 17, an agreement between Binance.US, Binance, and the U.S. SEC was sanctioned by U.S. Judge Amy Berman Jackson. This agreement led to the revocation of a prior temporary restraining order that sought to immobilize all Binance.US assets.
Binance, a cryptocurrency exchange platform with a global presence in nearly 100 countries, established its headquarters in George Town, Cayman Islands in 2017. Additionally, in 2019, the company registered a subsidiary in Mahe, Seychelles.
#Binance #NigeriaLimited #SEC
