Binance CEO says its Nigerian subsidiary is "scammer entity"

Changpeng Zhao, Binance’s Chief Executive Officer (CEO) has said that its self-acclaimed Nigerian subsidiary, Binance Nigeria Limited is a “scammer entity”.

Confirming the illegal operations of the company in Nigeria via a tweet shared on Sunday, June 18, Zhao said they've issued a cease and desist notice to the scammer entity ‘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.”

Binance CEO says its Nigerian subsidiary is "scammer entity"

This is coming barely one week after the Securities and Exchange Commission (SEC) declared the operations of Binance Nigeria Limited illegal in the country.

The SEC said the company which has been actively promoting its web and mobile-enabled platforms to Nigerians is neither subject to its regulations nor registered.