Connect with us

    Hi, what are you looking for?

    Broadcasting

    Binance Nigeria Ltd Is a Scam – Binance CEO Zhao

    BINANCE

    Changpeng Zhao, the CEO of Binance, a cryptocurrency platform, has described the Nigerian arm of the global entity as a scam.

    Zhao tweeted this on Sunday and cautioned people on the platform to be wary of whatever they read in the news.

    He equally said the company had issued a cease and desist notice to the Nigerian office.

    “Binance have issued cease & desist notice to the scammer entity ‘Binance Nigeria Limited’. Don’t believe everything you read in the news,” the 46-year-old said.

    Meaning of Cease and Desist Notice

    According to Oxford Dictionary, cease and desist notice is a formal complaint by a party against another party, in which the complaining party details the basis of their complaint and warns the offending party to stop.

    Cease and desist notice denotes “a cautionary notice detailing the sender’s complaint of alleged wrongdoing by the recipient and threatening legal action if the offending activity is not stopped”.

    It could also be a court order or governmental directive to stop a certain activity.

    The Securities and Exchange Commission (SEC), Nigeria’s security market regulator, had earlier banned Binance in the country and declared it an unsafe investment option.

    The commission said Binance Nigeria Limited is neither registered nor regulated by the commission, and its operations in Nigeria are illegal.

    It noted that any member of the investing public dealing with the entity is doing so at his/her own risk.

    “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,” SEC said in a statement.

    Binance is the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange.

    The company had recently faced a series of setbacks, announcing plans to leave the Netherlands, Cyprus, Canada and Australia and being charged by the U.S. Securities and Exchange Commission (SEC).

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    ad

    You May Also Like

    News

    The United States has reversed its visa restrictions on Ghana after the West African country agreed to accept west Africans deported by the United...

    E-Financial

    Shareholders of Unity Bank Plc have approved the proposed merger with Providus Bank Limited, marking a major milestone in the business combination of the...

    Oil and Gas

    The industrial dispute between the Dangote Petroleum Refinery and the Petroleum and Natural Gas Senior Staff Association of Nigeria took a dramatic turn on...

    News

    Federal Government has described as false, baseless, despicable and divisive reports claiming that terrorists operating in Nigeria are engaged in a systematic genocide against...