The CEO of Binance declares that its Nigerian subsidiary is a "scammer entity." (Details)

According to Changpeng Zhao, Binance's Chief Executive Officer (CEO), Binance Nigeria Limited, the company's self-described Nigerian subsidiary, is a "scammer entity."

In a tweet published on Sunday, June 18, Zhao confirmed the company's illegal activities in Nigeria and stated that they had served a cease-and-desist order to the con-company "Binance Nigeria Limited."

 

The tweet read; 

“Binance have issued cease and desist notice to the scammer entity ‘Binance Nigeria Limited’. Don’t believe everything you read in the news.”

This comes just a week after the Securities and Exchange Commission (SEC) declared Binance Nigeria Limited's operations in the nation illegal.

According to the SEC, the business that has been actively promoting its web- and mobile-enabled platforms to Nigerians is neither registered nor subject to its regulations.