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Thursday, June 13, 2024

Binance Issues Cease and Desist Notice to “Binance Nigeria Limited” Amid Regulatory Scrutiny

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Binance, the global cryptocurrency exchange, has taken legal action against “Binance Nigeria Limited” by issuing a cease and desist notice.

In a tweet on Sunday, Binance CEO Changpeng Zhao referred to the Nigerian company as a “scammer entity.” This move comes after Nigeria’s markets regulator ordered Binance to cease its operations within the country, citing the lack of registration and regulation of the local unit.

The regulatory scrutiny faced by Binance is not limited to Nigeria. The world’s largest cryptocurrency exchange has recently encountered a series of setbacks.

Binance Issues Cease and Desist Notice to "Binance Nigeria Limited" Amid Regulatory Scrutiny

Binance has announced its plans to exit the Netherlands, Cyprus, Canada, and Australia. Additionally, it has been charged by the U.S. Securities and Exchange Commission (SEC).

Also, read; US Imposes Visa Restrictions for Some Ugandans Following the Adoption of the Anti-Gay Law

The SEC’s lawsuit, filed earlier this month, alleges various wrongdoings by Binance and its CEO. The charges include artificially inflating trading volumes, misusing customer funds, and providing misleading information to investors about its market surveillance controls. Binance has strongly contested these allegations made by the SEC.

The ongoing legal battles and regulatory challenges have undoubtedly posed significant obstacles for Binance, tarnishing its reputation and raising concerns among investors.

As the cryptocurrency industry continues to evolve, it remains to be seen how Binance will navigate these difficulties and regain the trust of regulators and the public alike.

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