Binance starts legal action against "scammer entity" in Nigeria.
In a step towards curbing unlawful activities under Binance's name, the company's CEO, Changpeng Zhao, has publicized the firm's action against a fraudulent entity in Nigeria.
The imposter, named Binance Nigeria Limited, has been served with an official cease and desist order from the global cryptocurrency exchange giant.
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Changpeng Zhao unveiled the news via Twitter on June 18th, following an earlier notification from the Nigerian Securities and Exchange Commission (SEC) that exposed the unlawful operations of Binance Nigeria Limited on June 9th.
The original Binance denied its association with the fraudulent Nigerian firm.
A spokesperson from Binance shed light on the situation, assuring their detachment from the illegitimate entity and voicing their intention to pursue further clarification from the Nigerian SEC. The representative also emphasized the firm's readiness to cooperate with the SEC for any upcoming measures.
Interestingly, this event transpires amid Binance's own legal issues with the United States Securities Exchange Commission (SEC). The US SEC has slammed 13 legal accusations on Binance and its CEO, including functioning as an unregistered exchange, broker-dealer, and clearing agency, as well as a misrepresentation of trading controls.
However, on June 17th, US Judge Amy Berman Jackson approved an agreement between Binance.US, Binance, and the US SEC, resulting in the cancellation of a prior temporary emergency order that sought to freeze all Binance.US assets.
Established in George Town, Cayman Islands, in 2017, Binance operates in nearly 100 countries worldwide. As it continues to grow globally, Binance's stand against fake entities like Binance Nigeria Limited sends a strong message about its commitment to legitimacy and legal compliance.
