Update: Chief Executive Officer of Binance, Changpeng Zhao, has issued a statement onTwitter on Sunday, June 18, declaring “Binance Nigeria Limited” a scam entity.
“Binance have issued cease & desist notice to the scammer entity “Binance Nigeria Limited”. Don’t believe everything you read in the news.” CEO Changpend Zhao
Original Article
Nigeria regulators have ordered Binance to halt its operations in the country, stating that its courting of Nigerian investors through its platform was “illegal”.
What They’re Saying
“Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever,” the Securities and Exchange Commission (SEC) said in a statement dated June 9.
Binance Nigeria Limited is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal. Any member of the investing public dealing with the entity is doing so at his/her own risk.”
What Happens Next
Nigeria regulators stated that they will provide updates on further regulatory actions with respect to the activities of Binance in Nigeria.
Why This Matters
Binance is currently facing a lawsuit in the United States after the US Securities and Exchange Commission filed charges against it on Monday.
On Thursday, Binance US said it was suspending US dollar deposits and withdrawals following the enforcement action taken by the US’s SEC.
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