Binance Nigeria Limited is not associated with Binance; the platform sent a ‘scam’ organization a cease-and-desist demand to halt operations. The reaction followed the indication SEC Nigeria’s notice about the illegitimate activities of the local ‘subsidiary’.
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 SEC said that Binance Nigeria Limited is not registered. According to the regulator, users interacting with the platform do so at their own risk.
CEO Changpeng Zhao urged, “Don’t believe everything you read in the news.”
According to Techpoint.Africa, Binance remains committed to cooperating with the regulator.
In January 2022, the company blocked 281 accounts of Nigerian traders to prevent money laundering and to enhance platform security.
Earlier in May 2023, the SEC said that cryptocurrencies would remain banned. Asset-backed tokens may be exempt.
The regulator does not intend to issue licenses to crypto platforms until it reaches an agreement on standards with the local central bank. In 2021 the latter prohibited commercial financial institutions from providing services to Bitcoin exchanges and to companies dealing with digital assets.