Binance Exposes “Binance Nigeria Limited” as a Scam Website

If you are a Nigerian crypto enthusiast looking for a trustworthy platform to trade digital currencies. You may have stumbled upon a website called “Binance Nigeria Limited” that claims to be affiliated with Binance, the world’s largest cryptocurrency exchange.

But before you sign up, you should know that this website is a fraud and has nothing to do with Binance.

That’s what Binance CEO Changpeng Zhao revealed on his Twitter account on Sunday, June 18.

He tweeted: “Binance have issued cease and desist notice to the scammer entity “Binance Nigeria Limited”. Don’t believe everything you read in the news.”

Binance have issued cease & desist notice to the scammer entity "Binance Nigeria Limited".

Don't believe everything you read in the news. 🤷‍♂️

— CZ 🔶 Binance (@cz_binance) June 18, 2023

This tweet came after the Securities and Exchange Commission (SEC) of Nigeria declared that Binance Nigeria was operating illegally in the country without proper registration or regulation.

RELATED: Nigeria Regulator SEC Halts Binance Operations

The SEC advised Nigerian investors to avoid dealing with unregistered or unregulated entities that offer cryptocurrency services.

Binance is not new to regulatory challenges. The global cryptocurrency exchange has faced several actions from authorities in different countries, including the Netherlands, Cyprus, Canada, and Australia.

It has also been sued by the U.S. SEC for allegedly inflating its trading volumes, diverting customer funds, and misleading investors about its market surveillance controls. Binance denies these allegations.

If you want to trade cryptocurrencies safely and legally, you should avoid “Binance Nigeria Limited” and other scam websites that try to impersonate Binance.

Instead, you should use the official Binance website or app, which offers hundreds of cryptocurrencies, low transaction fees, and high security standards.

This is a breaking news story…

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