Binance CEO Declares ‘Binance Nigeria Limited’ a Scam Entity

Source: CNN

Breaking News: Binance CEO declares ‘Binance Nigeria Limited” scam entity

On Sunday, June 18, 2023, Binance CEO Changpeng Zhao tweeted that Binance has issued a cease and desist notice to “Binance Nigeria Limited,” which he described as a “scammer entity.” Zhao also warned his followers not to believe everything they read in the news.

The announcement comes a few weeks after the Securities and Exchange Commission of Nigeria (SEC) declared that Binance Nigeria is operating illegally in Nigeria. The SEC said that Binance Nigeria is not registered or regulated by the commission, and its operations in Nigeria are illegal.

Binance is the world’s largest cryptocurrency exchange, and it has a large user base in Nigeria. The company has been working to expand its operations in Africa, and it opened an office in Lagos, Nigeria, in 2022.

It is unclear how many people have been scammed by “Binance Nigeria Limited.” However, Zhao’s tweet has raised concerns about the safety of cryptocurrency investments in Nigeria.

If you are considering investing in cryptocurrencies, it is important to do your research and only use a reputable exchange. You can find a list of regulated cryptocurrency exchanges in Nigeria on the website of the SEC.

Here are some tips for avoiding cryptocurrency scams:

• Only use a reputable exchange.
• Do not give out your personal information to anyone you do not know and trust.
• Be wary of promises of easy money.
• Do not invest more than you can afford to lose.

If you think you have been scammed, you should report it to the SEC and the police. You can also file a complaint with the Better Business Bureau.

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