Changpeng Zhao, CEO, Binance, has informed users that Binance has sent an official cease and desist notice to the fraudulent platform called Binance Nigeria Limited, as stated by Cointelegraph.
According to Cointelegraph, Zhao tweeted about the update on June 18, 2023. On June 9, 2023, Nigerian Securities and Exchange Commission issued a circular around the illegal presence of Binance Nigeria Limited in the country. It’s believed that a Binance spokesperson stated that the circular’s platform isn’t related to the company, along with the desire to get clarity around the situation from Nigerian SEC.
Based on Cointelegraph’s data, despite Binance not being related to Binance Nigeria Limited, the company is at the receiving end of a United States Securities and Exchange Commission for 13 counts. Reportedly, certain charges against Binance include functioning as an unregistered entity, broker dealer, clearing agency and misrepresentation of trading rights.
Moreover, Cointelegraph noted that on June 17, 2023, Amy Berman Jackson, a US judge, gave authorisation to a deal amongst Binance.US, Binance, and US SEC. From what it’s understood, the arrangement removed an old temporary restraining order for freezing all Binance.US assets.
(With insights from Cointelegraph)