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Binance Sends A Cease and Desist Order to Binance Nigeria Ltd.

Published:

Binance Holdings sends a cease and desist order to a fraudulent Nigerian organization.

It seems that the entity known as Binance Nigeria Limited was not related to Binance Holdings at all as the giant crypto exchange denies having any affiliation with the entity.

According to a Binance spokesman, fortunately, the real exchange wasn’t aware of the existence of the said Binance Nigeria Limited.

As a result, ‘we demand clarity from the Nigerian Securities and Exchange Commission.

Also, we are ready to collaborate with them to know the way forward” says a Binance spokesman.

READ ALSO: Failing to Acquire VASP License, Binance Departs from the Netherlands

This news came at the worst moment for the crypto giant.

Just a few days after the United States regulators filed a legal action against Binance.US for operating an unregistered broker-dealer platform, misrepresenting trading influence, and as a clearing agency.

Fortunately for the crypto giant, the latest development on 17th June reported that United States Judge Amy Berman Jackson has approved the compromise between Binance, Binance.US, and US. SEC.

Due to this compromise, the former restraining order against Binance.US to freeze all their assets temporarily was waived.

More Details of the Story

Currently, the Nigerian Securities and Exchange Commission announced that an entity called Binance Nigeria Limited is illegal and order it not to operate any form of business in the African countries.

As per a circular released by the Nigerian authorities, the fraudulent entity is not regulated.

Moreover, any form of investment that was carried out on the platform does not have any legal security at all.

The Notice

According to Changpeng Zhao, Binance CEO’s statement, the crypto giant has at present, issued a cease and desist notice to the fraudulent entity.

On June 9, the Nigerian SEC published a circular which states that Binance Nigerian Limited is illegal in the country.

Then on June 18, Binance’s CEO posted on Twitter that the real exchange has sent a cease and desist order to the entity.

As per reports, Binance Holdings is in no way related to the fraudulent company, and at present, the crypto giant is seeking clarity from the local authorities.

The spokesman for Binance reiterated that they are ready to work together with the Nigerian SEC to do the needful.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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