Binance to Terminate Business Unit in Nigeria Due to Deemed Fraudulent Entity

Liputan6.com, Jakarta Binance has issued a termination order for “Binance Nigeria Limited”, Binance CEO Changpeng Zhao said in a tweet on Sunday, June 18, 2023. Zhao called the Nigerian company a fraudulent entity.

Earlier this month, Nigeria’s market regulator ordered Binance to cease its operations in the country, saying local units “Binance Nigeria Limited” approached Nigerian investors through unregistered websites or regulated, making it illegal.

Binance, the world’s largest cryptocurrency exchange, has faced a series of setbacks recently, announcing plans to leave the Netherlands, Cyprus, Canada, and Australia, and being sued by the US Securities and Exchange Commission (SEC).

The SEC sued Binance and Zhao earlier this month alleging the companies artificially inflated their trading volume, diverted customer funds, and misled investors about its market watchdog controls. Binance disputes the SEC allegations.

Binance is also being investigated by French authorities for alleged illegal provision of digital asset services and aggravated money laundering, according to an official from the Paris public prosecutor’s office.

The French investigation adds to the list of regulatory challenges facing Binance around the world, as watchdogs increase their oversight of the cryptocurrency sector.

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