Binance CEO Changpeng Zhao has described “Binance Nigeria Limited” as “scammer entity” in a tweet on Sunday and stated that Binance has issued a cease and desist order to the Nigerian corporation.
This comes just a week after the Nigerian Securities and Exchange Commission ordered Binance to cease activities, claiming that a local subsidiary called “Binance Nigeria Limited” that solicited investors in Nigeria through a website was illegal because it was neither registered nor regulated.
The largest cryptocurrency exchange in the world, Binance, has recently encountered a number of difficulties, including intentions to leave the Netherlands, Cyprus, Canada, and Australia as well as charges from the U.S. Securities and Exchange Commission.
Earlier this month, the SEC filed a lawsuit against Binance and Zhao, alleging that the business had falsely exaggerated its trading volumes, misappropriated user funds, and more.