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<p class="is-style-lead">Binance has recently issued a cease and desist notice to an unauthorized entity named Binance Nigeria Limited, as confirmed by CEO Changpeng Zhao.</p>



<p>The announcement came after the Nigerian Securities and Exchange Commission (SEC) released a circular on June 9, <a href="https://crypto.news/nigeria-sec-declares-binance-operations-in-country-illegal/">declaring </a>the illegality of Binance Nigeria Limited&#8217;s operations within the country.</p>



<p>Binance CEO Changpeng Zhao took to Twitter on June 18 to share the development. Reports suggest that a spokesperson from Binance promptly responded to the SEC&#8217;s circular, <a href="https://techpoint.africa/2023/06/12/binance-is-not-affiliated-with-binance-nigeria-limited/" target="_blank" rel="noopener">asserting</a> that the mentioned entity has no affiliation with the exchange.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Binance have issued cease &amp; desist notice to the scammer entity &quot;Binance Nigeria Limited&quot;.<br><br>Don&#39;t believe everything you read in the news. 🤷‍♂️</p>&mdash; CZ 🔶 Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1670369403223900160?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 18, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>The spokesperson further emphasized Binance&#8217;s commitment to seeking clarity from the Nigerian SEC and working collaboratively to address the situation.</p>



<p>While Binance denies any association with Binance Nigeria Limited, the company faces a separate lawsuit <a href="https://crypto.news/sec-sues-binance-and-cz-for-securities-violations/">filed</a> by the United States Securities and Exchange Commission (SEC).</p>




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<p>The US SEC has brought 13 charges against Binance entities and CEO Changpeng Zhao. These charges include operating as an unregistered exchange, broker-dealer, and clearing agency and misrepresenting trading controls.</p>



<p>The US regulator further <a href="https://crypto.news/sec-accuses-binance-ceo-of-diverting-billions-in-customer-funds/">alleges </a>that despite earning $11.6 billion from US customers, Binance and Zhao failed to comply with registration requirements.</p>



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<iframe title="BREAKING CRYPTO NEWS: BINANCE is NOW ILLEGAL in Nigeria!!🚨" width="1020" height="574" src="https://www.youtube.com/embed/BLxeP2v8hU0?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
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<p>Meanwhile, Nigeria has emerged as one of the leading countries in the region with a keen interest in cryptocurrencies. In fact, the Nigerian government has taken notable steps towards adopting blockchain technology, including creating a Central Bank Digital Currency (CBDC) to facilitate secure online payments.</p>




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Binance calls ‘Binance Nigeria Limited’ a scam

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