- Binance has issued a cease-and-desist order for misusing the Binance brand.
- The imposter entity was recently under scrutiny by the Nigerian SEC.
The Securities and Exchange Commission of Nigeria has banned a company called Binance Nigeria Limited from operating in the country. Investments placed on Binance Nigeria Limited are not protected by law, as stated in a circular released by the local authorities.
Binance is now engaged in a heated legal struggle in the United States. But its purported difficulties in other parts of the globe seem to be unwarranted. The announcement comes only days after Binance.US was taken to court by U.S. authorities on several allegations. Including acting as an unlicensed broker-dealer, exchange, clearing agency, and misrepresenting trade restrictions.
Moreover, Binance has said that the SEC’s action has harmed the cryptocurrency exchange’s operations and image. Moreover, the exchange had reached a settlement with the SEC that would enable it to operate normally.
Misusing Brand Name
A representative for Binance, the legitimate cryptocurrency exchange, has said that the business was unaware of the existence of the imposter.
According to a statement released by CZ himself, the worldwide exchange has issued a cease-and-desist order to the organization for misusing the Binance brand. The vigilance of both local authorities and Binance itself seems to have momentarily blocked their attempts.
To settle digital currency transactions. Nigeria has created a Central Bank-issued Digital Currency (CBDC), making it one of the most cryptocurrency-friendly governments in the area.
The Nigerian government has been seeking methods to improve the country’s economy during a time of severe cash shortages, an employment crisis, and other problems. Moreover, recently the naira hit an all-time low against the U.S. dollar.
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