Binance Nigeria Limited is not affiliated with Binance, the platform sent a request to the “fraudulent” organization to stop working. The reaction followed the indication SEC Nigeria on the illegal activities of a local “branch”.
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 has reported that Binance Nigeria Limited is not registered. According to the regulator, users interacting with the platform “do so at their own risk.”
The head of the exchange, Changpeng Zhao, urged “not to believe everything that is written in the news.”
According to Techpoint.Africa, Binance remains committed to working with the regulator.
In January 2022, the company blocked 281 accounts of traders from Nigeria in order to prevent money laundering and ensure the security of the platform.
Recall that in May 2023, the SEC announced that cryptocurrencies would remain banned. An exception may be asset-backed tokens.
The agency does not intend to issue licenses to crypto platforms before reaching an agreement on standards with the local central bank. In 2021, the latter banned commercial financial institutions from providing services to bitcoin exchanges and digital asset companies.
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