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Binance CEO Criticizes the Scammer Entity in Nigeria As Additional Copycats Appear


As legal misery increase worldwide, registration trespassers trouble the world’s largest cryptocurrency exchanges.

Changpeng Zhao isn’t feeling good about what the Nigerian crypto market is doing with the name of Binance as copycats seem to emerge from all corners.

Earlier this week, Binance’s CEO announced that Binance Nigeria Limited is a “scam entity” which was posing as one of Binance’s affiliates.

As per Changpeng Zhao’s announcement, the world’s top cryptocurrency exchange Binance has issued a cease-and-desist order to the “Binance impostor”.

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More Details of the Story

Earlier this June, the Nigerian SEC (Securities and Exchange Commission) in a circular ordered Binance to halt its activities within the country.

Their reason for the order was that the crypto exchange’s local branch “Binance Nigeria Limited” has influenced Nigerian investors via an unregulated and unregistered website which made the activities illegal.

However, it was later discovered that the said Binance Nigeria Ltd has been inoperative since the year 2019.

Binance responded with “We are aware of the circular sent out by the Nigerian SEC, but then, the entity which is in question doesn’t have any relation with us”

Thus, we need clarity from the Nigerian Securities and Exchange Commission and we will keep on collaborating with them on the next step to follow.

Zhao further says that “It is very important for our users to know that their assets held at our exchange are secure, safe, and accessible.

Moreover, our main priority always is to satisfy our users.”

As for the company Binance Nigeria Ltd, Zhao says that “it isn’t affiliated to Binance. Rather, it was just registered for arbitrage purposes when the exchange thought that we can set up shop in Nigeria.

However, the business didn’t push through and that is why; Binance Nigeria Ltd was inactive”

So, it seems that the entire case was just a case of mistaken identity.

More Registration Impostors Emerge

The CEO of Binance, Changpeng Zhao doesn’t find this situation funny at all instead a headache.

The fact is that, apart from the case of Binance Nigeria Ltd, the crypto exchange also has many other registration squatters to contend with.

As per reports from the database of the registry, another entity answering Binance Exchange Ltd has emerged.

This entity is registered by another person who seems to be a productive corporate registration impostor.

The registry database shows that this particular individual has registered nearly 10 other firms in Nigeria and these companies answer the names of top cryptocurrency exchanges.




















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