Binance Nigeria Limited is a scam entity - Binance CEO

Changpeng Zhao, the Chief Executive Officer of Binance, has said Binance Nigeria Limited, a subsidiary of the global cryptocurrency exchange platform is a scam entity.

The Chief Executive Officer disclosed this on Sunday through his Twitter handle.  He said, “Binance Nigeria Limited is a scam entity.”

“Binance has issued cease & desist notice to the scammer entity “Binance Nigeria Limited”. Don’t believe everything you read in the news,” he wrote.

The Securities and Exchange Commission of Nigeria had earlier declared that Binance Nigeria is operating illegally in the country as it is not registered or regulated by the commission.

It made the declaration in a circular published on the commission’s website dated June 9, 2023.

Part of the circular read, “The attention of the Securities and Exchange Commission (the Commission) has been drawn to the website operated by Binance Nigeria Limited, soliciting the Nigerian public to trade crypto assets on its various web and mobile-enabled platforms.

“Binance Nigeria Limited is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal. Any member of the investing public dealing with the entity is doing so at his/her own risk.”