• Binance has issued a cease and desist notice to the fraudulent entity known as Binance Nigeria Limited.
• The Nigerian Securities and Exchange Commission recently released a circular stating the illegality of Binance Nigeria Limited in the country.
• Binance is concurrently facing a lawsuit from the United States Securities Exchange Commission for operating as an unregistered exchange, broker-dealer, clearing agency and misrepresenting trading controls.
Binance Issues Cease & Desist Notice to Fraudulent Entity
Binance CEO Changpeng Zhao has announced that Binance has officially issued a cease and desist notice to the fraudulent entity known as Binance Nigeria Limited. This comes after the Nigerian Securities and Exchange Commission released a circular stating the illegality of Binance Nigeria Limited in the country. A spokesperson for Binance responded that they are seeking clarity from the Nigerian SEC on next steps, but affirmed their commitment to cooperate with it.
SEC Files Charges Against Binance Entities & Zhao
The U.S. SEC has filed 13 charges against Biance entities and Zhao including operating as an unregistered exchange, broker-dealer, clearing agency and misrepresenting trading controls despite earning $11.6 billion from U.S customers without registering as required by law. However, on June 17th U.S Judge Amy Berman Jackson approved an agreement between Biance US, Binace, and US SEC resulting in dismissal of previous restraining order attempting to freeze all assets held by Binace US .
Binace Registered Subsidiaries
In 2017 Binace registered its headquarters in George Town Cayman Islands followed by registering subsidiary in Mahe Seychelles in 2019 which provides services across 100 countries globally .
Crypto Regulation – Does SEC Chair Gary Gensler Have Final Say?
The Crypto regulation landscape is still new with many questions unanswered due whether or not SEC chair Gary Gensler will have final say on regulations related to crypto assets . For now , all that can be done is wait for more clarity from regulatory authorities .
Although there are several legal issues arising for binance it is important to remember not ot believe everything we read about companies before doing our own research .