Binance CEO disowns Binance Nigeria, says it’s scammer entity

Binance CEO disowns Binance Nigeria, says it’s scammer entity

The world’s largest cryptocurrency exchange, Binance, has issued a disclaimer notice against ‘Binance Nigeria Limited’.

Indeed, Changpeng Zhao, its founder and chief executive officer, described the Binance Nigeria as a scammer entity.

He disclosed this via his verified Twitter handle on Sunday.

The Nigeria Securities and Exchange Commission (SEC Nigeria) had earlier in the month said the operation of Binance Nigeria Limited in the country is illegal.

Zhao said, “Binance has issued cease and desist notice to the scammer entity ‘Binance Nigeria Limited’. Don’t believe everything you read in the news,” his tweet read.

Recall that SEC had earlier said Binance Nigeria Limited was neither registered nor regulated by the commission, and declared its operations in Nigeria as illegal.

SEC also sued Binance and Zhao, alleging that the company artificially inflated its trading volumes, diverted customer funds, and misled investors about its market surveillance controls.

The company, however, disputed the SEC charges, according to Reuters.