Binance Takes Action Against Binance Nigeria Ltd as CEO Denounces the Company as a ‘Scammer Entity’

In response to recent developments, Binance’s Co-founder and CEO, Changpeng Zhao, has accused Binance Nigeria Limited of being a fraudulent entity. Zhao made this statement on Sunday through a tweet, where he mentioned that Binance had issued a cease and desist notice to “Binance Nigeria Limited” and advised people not to believe everything they read in the news.

This comes in the wake of the US Securities and Exchange Commission (SEC) charging Binance, a crypto giant, with violations of securities laws. The SEC’s allegations describe Binance’s actions as constituting “an extensive web of deception” and a deliberate evasion of the law. Specifically, Binance is accused of allowing US residents to trade on their platform despite not being registered as a securities exchange in the United States. The case also raises concerns about the firm’s mishandling of customer funds.

As a result, Binance.US announced on Thursday that they would be suspending USD deposits and informing customers that their banking partners were preparing to halt fiat (USD) withdrawal channels, potentially starting from June 13. The tweet further stated that they were taking proactive measures to transition to a crypto-only exchange for the time being.

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