The company’s founder and CEO, Changpeng Zhao, tweeted on Sunday.
“Binance has sent a cease-and-desist letter to the illegal company “Binance Nigeria Limited.” Do not believe everything you read in the news, he said in a tweet.
A Binance representative reportedly reacted by stating that Binance Nigeria Limited is not connected to Binance. The representative stated that they are willing to ask the Nigerian SEC for clarification. She also reaffirmed its dedication to working with it on the next steps.
Binance stated earlier that it has no connection to Binance Nigeria Limited, listed in the SEC’s circular.
Earlier this month, the Nigerian SEC declared that Binance Nigeria Limited is performing illegal operations in the nation.
The commission also stated that the firm is not authorized to operate in Nigeria. They also said it is neither registered with nor subject to its regulations.
The Commission warned that any investor interacting with the organization did so at their own risk.
Binance Nigeria Limited’s platform attracted the attention of the Securities and Exchange Commission. Binance Nigeria Limited enables the Nigerian public to trade crypto assets on its several platforms. This attracted the attention of the Securities and Exchange Commission.
The SEC of the United States has sued Binance for not following the rules. Zhao and the Binance firms have been charged with 13 offenses by the U.S. SEC.