The CEO of Binance, Changpeng Zhao, stated in a tweet on Sunday that a cease and desist order had been sent to “Binance Nigeria Limited.” to stop,.
Zhao referred to the Nigerian company as a “scammer entity.”
The local unit “Binance Nigeria Limited” that courted Nigerian investors through a website was not registered or regulated, rendering it unlawful, according to Nigeria’s markets regulator who ordered Binance to stop its operations in the nation earlier this month.
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Binance was ordered to stop its operations in the country because the regulator said the unit was illegal.
The largest cryptocurrency exchange in the world, Binance, has recently been hit with a series of challenges, including the announcement of plans to leave the Netherlands, Cyprus, Canada, and Australia, as well as charges brought against it by the United States Securities and Exchange Commission (SEC).
At the beginning of this month, the SEC filed a lawsuit against Binance and Zhao, alleging that the business had falsely inflated its trading volumes, misappropriated customer cash, and misled investors about the market monitoring procedures it had in place. Binance denies the allegations made by the SEC.
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