The Chief Executive Officer of Binance, Changpeng Zhao, has declared Nigeris’s subsidiary of the global cryptocurrency exchange platform as a scam.
Zhao made this known via his Twitter handle on Sunday, saying, “Binance Nigeria Limited a scam entity.”
“Binance has issued cease & desist notice to the scammer entity “Binance Nigeria Limited”. Don’t believe everything you read in the news,” he wrote.
It had earlier been reported that the Securities and Exchange Commission of Nigeria declared Binance Nigeria is operating illegally in the country as it is not registered or regulated by the SEC.
Meanwhile, Binance, the world’s largest crypto trading platform, is facing a series of lawsuits, as it plans to exit the Netherlands, Cyprus, Canada, and Australia.
The company is being charged by the U.S. Securities and Exchange Commission (SEC) for allowing the trading of unregistered tokens.
Last year, the crypto firm announced plans to form a recovery fund to help crypto projects facing a liquidity crisis.