Binance issues cease and desist order to "Binance Nigeria Limited" amid regulatory scrutiny

June 19, 2023
1 min read

In the midst of mounting regulatory challenges, Binance, the world's largest cryptocurrency exchange, has issued a cease and desist order against "Binance Nigeria Limited." In a tweet on Sunday, Binance CEO Changpeng Zhao referred to the Nigerian entity as a "scammer entity," adding further complexity to the ongoing situation.

Earlier this month, Nigeria's Securities and Exchange Commission directed Binance to suspend its operations within the country. The regulator stated that "Binance Nigeria Limited," which had been actively soliciting Nigerian investors through an unregistered and unregulated website, was operating illegally.

Responding to the regulatory directive, Binance distanced itself from "Binance Nigeria Limited." A spokesperson from the company clarified that the mentioned entity in the regulatory circular is not affiliated with Binance. They expressed their intention to seek clarity from the Nigerian Securities and Exchange Commission (SEC) and affirmed their commitment to cooperative engagement with regulatory authorities in determining the next steps.

The challenges faced by Binance extend beyond Nigeria's borders. Recently, the cryptocurrency exchange announced plans to withdraw from several other countries, including the Netherlands, Cyprus, Canada, and Australia. Additionally, the company has been hit with legal action by the U.S. Securities and Exchange Commission (SEC).

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