The founder and CEO of the well-known crypto exchange, Changpeng Zhao ( Binance) has recently disclosed a new development. As per the executive, the company has issued a cease and desist notice for Binance Nigeria Limited. The respective platform has been labelled by the crypto exchange as a deceptive entity.
Recently, the CEO of Binance shared on Twitter that the Securities and Exchange Commission (SEC) of Nigeria issued a circular. The respective circular disclosed the illegitimacy of Binance Nigeria Limited. The reports pointed out that a spokesperson from the prominent crypto exchange commented on this. According to the spokesperson, the firm provided its response to the circular. The spokesperson expressed the company’s intention to seek clarity from the Nigerian SEC and reiterated its commitment to cooperating with it on the next steps.
Although Binance claimed no affiliation with Binance Nigeria Limited, as mentioned in the SEC’s circular, the company is currently facing a lawsuit from the United States Securities Exchange Commission. The U.S. SEC has filed 13 charges against Binance entities and Zhao.
Apart from disclosing the issuance of the cease and desist notice for a Nigerian entity, Zhao also advised the community not to believe the things being asserted by the news platform.
However, in the latest development, U.S. Judge Amy Berman Jackson ratified an agreement between Binance.US, Binance, and the U.S. SEC. This agreement resulted in the dismissal of a previous temporary restraining order that aimed to freeze all Binance.US assets.
Binance, which is available in about 100 countries, registered its headquarters in George Town, Cayman Islands, in 2017. In 2019, it also registered a subsidiary in Mahe, Seychelles