Binance has taken formal action by issuing a cease and desist notice to the deceptive organization operating under the name Binance Nigeria Limited, CEO, Changpeng Zhao (CZ), has said.
Binance have issued cease & desist notice to the scammer entity "Binance Nigeria Limited".
Don't believe everything you read in the news. 🤷♂️
— CZ 🔶 Binance (@cz_binance) June 18, 2023
CZ used Twitter to share the announcement. Prior to this, in June 2023, the Nigerian Securities and Exchange Commission (SEC) released a circular explicitly declaring the operations of Binance Nigeria Limited as illegal within the country.
In response, a spokesperson from Binance clarified that the mentioned entity in the circular is not connected to their company. The spokesperson further stated that Binance intends to seek clarification from the Nigerian SEC and emphasized their willingness to cooperate with the regulatory body regarding the subsequent actions to be taken.
The rejoinder by Binance comes as the largest cryptocurrency exchange in the world is under mounting pressure from authorities in the United States and Europe.
Binance, along with its CEO, Changpeng Zhao, is facing 13 charges brought by the Securities and Exchange Commision in the United States. These charges include allegations of commingling customers’ funds and attempting to circumvent U.S. securities laws through the use of ‘sham controls’ to determine business relationships with the company.
In June 2023, the Securities and Exchange Commission (SEC) took legal action by filing an emergency motion for a temporary restraining order against Binance.US. The SEC accused Binance CEO, Changpeng Zhao, of having access to customer funds held in Binance.US and alleged that he transferred $12 billion of Binance’s funds through a controlled entity known as Merit Peak.
We want to provide an update on the current battle https://t.co/AZwoBOh0gq finds itself in with the SEC. We are pleased to inform you that the Court did not grant the SEC’s request for a TRO and freeze of assets on our platform which was clearly unjustified by both the facts and…
— Binance.US 🇺🇸 (@BinanceUS) June 17, 2023
However, the organization reached an agreement with the SEC preventing a previous temporary restraining order (TRO) that would freeze all Binance.US assets.
Binance is also being investigated by French authorities, according to media reports in Europe, focusing on its anti-money laundering procedures. This development comes on the heels of Binance’s decision to exit the Netherlands following its inability to secure a license from the country’s central bank.
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