Binance, considered the world's largest cryptocurrency exchange, has declared a Nigerian entity operating under the name "Binance Nigeria Limited" as a fraudulent operation.
The CEO of Binance, Changpeng Zhao, revealed the truth about the fake platform in a tweet on Sunday and issued the scammer entity with a cease and desist notice.
This announcement comes after the Nigeria Securities and Exchange Commission (SEC Nigeria) declared the subsidiary as operating illegally in the country due to its lack of registration or regulation, warning any parties who engage with the entity to do so at their own risk.
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