CZ said that Binance Nigeria has ceased operations.
Binance CEO Changpeng (CZ) Zhao announced that he has issued a cease and desist order for the Nigerian company “Binance Nigeria Limited”, calling it a “fraudulent enterprise”.
CZ: Binance Nigeria Limited is a Fraud Organization
Binance CEO Changpeng Zhao has announced that he has issued a cease and desist order for the Nigerian company “Binance Nigeria Limited”, calling it a “fraudulent enterprise”. CZ’s announcement came earlier this month at the request of Nigeria’s market regulator to state that Binance Nigeria Limited is not registered or regulated and to cease operations. This means that their activities in Nigeria are illegal.
The timing of CZ’s announcement came after Nigeria’s Binance Nigeria Limited was called a scam.
Binance has been facing several issues lately. It first announced plans to end its operations in the Netherlands, Cyprus, Canada and Australia. He was subsequently charged by the US Securities and Exchange Commission (SEC). The SEC has sued Binance and CEO Changpeng Zhao for allegations that the company manipulated trading volumes, misdirected client funds, and misled investors about market surveillance controls. Binance is appealing against the SEC claims.
These developments highlight a time when Binance faced worldwide regulatory pressure and had to limit or terminate its operations in some countries. In the process, the company is trying to take further steps in regulatory compliance and transparency.
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