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Binance Nigeria Limited is a scammer entity — Changpeng Zhao, Binance CEO



Changpeng Zhao, Binance’s chief executive officer (CEO), has described the cryptocurrency exchange subsidiary, Binance Nigeria Limited, as a “scammer entity”.

Zhao spoke in a tweet on Sunday, noted that Binance had issued cease & desist to the firm.

“Binance have issued cease and desist notice to the scammer entity ‘Binance Nigeria Limited’. Don’t believe everything you read in the news,” Zhao tweeted.

Zhao’s position comes one week after the Securities and Exchange Commission (SEC) declared the operations of Binance Nigeria Limited illegal in the country.

According to the commission, the cryptocurrency platform had been actively promoting its web and mobile-enabled platforms to Nigerians.

The commission said the company is neither subject to its regulations nor registered.

“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,” SEC said.

“As the regulator with the statutory mandate of investor protection, the commission urges Nigerians to be wary of investing in crypto assets, and crypto-asset related financial products and services if the service provider/its platform is not registered or regulated by the commission.”

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