1. BITBILIHome
  2. Article

Binance CEO slams fraudulent entity in cease-and-desist letter amid Nigerian SEC battle

• 36 views

TL;DR Breakdown

  • Binance CEO takes decisive action against the fraudulent entity masquerading as Binance Nigeria Limited, sending a cease-and-desist letter.
  • Binance denies affiliation with the fraudulent company mentioned in the Nigerian SEC’s circular.
  • The settlement agreement was reached in the U.S. case, leading to the withdrawal of the temporary restraining order on Binance.US assets.

Description

Binance CEO, Changpeng Zhao, has taken a decisive stance against a fraudulent entity masquerading as Binance Nigeria Limited, revealing that a formal cease-and-desist letter has been dispatched. The move comes in response to the Nigerian Securities and Exchange Commission (SEC) issuing a circular on June 9, deeming Binance Nigeria Limited as an unlawful entity within … Read more

Binance CEO, Changpeng Zhao, has taken a decisive stance against a fraudulent entity masquerading as Binance Nigeria Limited, revealing that a formal cease-and-desist letter has been dispatched. The move comes in response to the Nigerian Securities and Exchange Commission (SEC) issuing a circular on June 9, deeming Binance Nigeria Limited as an unlawful entity within the country.

Dismissing any affiliation with the company mentioned in the SEC’s circular, Binance spokespersons assert that the organization is fully committed to collaborating with the Nigerian SEC and seeks clarification from the regulatory body. Binance vehemently denies any connections to Binance Nigeria Limited, distancing itself from the fraudulent operation.

However, the legal troubles for Binance continue further. The renowned cryptocurrency exchange and its CEO, Changpeng Zhao, is embroiled in a legal battle with the U.S. Securities and Exchange Commission. The regulatory authority has filed a lawsuit against Binance and Zhao, citing 13 counts of violations.

Allegations include misrepresenting trading controls and operating an unlicensed exchange, broker, and clearing agency. Furthermore, the SEC claims that Binance and Zhao neglected to register as an exchange, broker-dealer, or clearing agency, despite amassing a staggering $11.6 billion from U.S. consumers.

A glimmer of hope emerged for Binance on June 17 when a settlement agreement was reached between Binance.US, the U.S. SEC, and the presiding judge, Amy Berman Jackson. Judge Jackson authorized the deal, resulting in the withdrawal of the previously imposed temporary restraining order freezing all Binance.US assets. This agreement signifies a significant turning point for the embattled cryptocurrency exchange.

Binance’s global reach spans nearly one hundred nations through its website. Founded in 2017, the company’s headquarters reside in George Town, Cayman Islands. Additionally, Binance established a subsidiary on the picturesque Seychelles island of Mahé in 2019, further expanding its international presence.

Despite the recent legal setbacks and regulatory challenges, Binance remains steadfast in its commitment to maintaining a reputable and compliant operation. The cease-and-desist letter sent to the fraudulent entity operating as Binance Nigeria Limited and the ongoing dialogue with the Nigerian SEC and the settlement agreement in the U.S. demonstrates the exchange’s determination to rectify any misconceptions and ensure adherence to legal standards.

With transparency and cooperation as guiding principles, Binance strives to navigate the intricate landscape of cryptocurrency regulations while continuing to serve its vast global user base.

The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

文章来源于互联网:Binance CEO slams fraudulent entity in cease-and-desist letter amid Nigerian SEC battle

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年6月20日 18:50
Next 2023年6月20日 20:07

Related articles

  • “The Next Crypto Gem” TV show premieres on September 7th in 56 countries

    TL;DR Breakdown The Next Crypto Gem, dubbed “the Shark Tank of crypto,” goes live on September 7th in 56 countries.  The show is produced by The Hourglass Collective, a Web3 incubator with an aim to bridge the gap between crypto and mainstream entertainment. Season 2 planning is underway as the show takes major turns in setting the ground for global crypto adoption. Description The world of crypto is coming live to you in a matter of hours. The Next Crypto Gem, a show many have dubbed “the Shark Tank of crypto,” premiers on September 7th in 56 countries. What can investors, enthusiasts, and critics expect? As per the production reports, The Next Crypto Gem draws its inspiration from … Read more The world of crypto is coming live to you in a matter of hours. The Next Crypto Gem, a show many have dubbed “the Shark Tank of crypto,” premiers on September 7th in 56 countries. What can investors, enthusiasts, and critics expect? As per the production reports, The Next Crypto Gem draws its inspiration from entrepreneurial TV shows such…

    Article 2023年9月7日

  • Singapore Bank DBS launches innovative e-CNY payment solution for customers

    TL;DR Breakdown DBS enables customers to accept e-CNY payments, boosting cross-border commerce efficiency. Project Guardian tests asset tokenization and DeFi in collaboration with renowned platforms. DBS partners with Marketnode and other institutions, solidifying Singapore’s leadership. Description DBS, the renowned Singaporean bank, announced today a groundbreaking development that allows its customers to accept payments in e-CNY, the digital currency issued by the Chinese central bank. In a major step forward, DBS has established a seamless system through which e-CNY can be directly settled into a company’s bank account, leveraging automated processes for … Read more DBS, the renowned Singaporean bank, announced today a groundbreaking development that allows its customers to accept payments in e-CNY, the digital currency issued by the Chinese central bank. In a major step forward, DBS has established a seamless system through which e-CNY can be directly settled into a company’s bank account, leveraging automated processes for efficiency and convenience. Remarkably, one of DBS’s customers has already completed a purchase using this innovative solution. This significant milestone stems from DBS’s collaboration with the Monetary Authority of Singapore on…

    Article 2023年7月7日

  • Shanghai Clearing House embraces digital yuan for settlements

    TL;DR Breakdown Shanghai Clearing House, Asia’s first counterparty clearing institution, now supports payments made with the digital yuan. The move aims to boost efficiency in managing commodity settlements and promote the digital yuan in international markets. This initiative aligns with the People’s Bank of China’s strategy to position the digital yuan as a cross-border transactional currency. Description In a groundbreaking development, Shanghai Clearing House, Asia’s foremost counterparty clearing institution, is welcoming the digital yuan as a medium of exchange for settlements. This measure heralds a new chapter in the realm of digital currencies as the Chinese central bank’s digital currency (CBDC) gains a firmer foothold in international commerce. Easing the way for … Read more In a groundbreaking development, Shanghai Clearing House, Asia’s foremost counterparty clearing institution, is welcoming the digital yuan as a medium of exchange for settlements. This measure heralds a new chapter in the realm of digital currencies as the Chinese central bank’s digital currency (CBDC) gains a firmer foothold in international commerce. Easing the way for bulk commodities settlement The Shanghai Clearing House’s decision is set…

    Article 2023年7月1日

  • Hana bank leads South Korea’s quest for secure monetary solutions

    TL;DR Breakdown South Korean banking sector seeks secure alternatives to stablecoins and CBDCs. Hana Bank and Woori Bank actively participate in South Korea’s CBDC exploration. Regulators closely monitor stablecoins while embracing more stable CD tokens. Description The banking sector in South Korea has been actively exploring alternatives to stablecoins and Central Bank Digital Currencies (CBDCs) as they search for secure and efficient monetary options. Leading banks in the region have shown a keen interest in Certificate of Deposit (CD) accounts, indicating a growing trend towards blockchain-based monetary solutions proposed by the … Read more The banking sector in South Korea has been actively exploring alternatives to stablecoins and Central Bank Digital Currencies (CBDCs) as they search for secure and efficient monetary options. Leading banks in the region have shown a keen interest in Certificate of Deposit (CD) accounts, indicating a growing trend towards blockchain-based monetary solutions proposed by the central bank. Hana Bank, a prominent financial institution in South Korea, has internally decided to participate in the CBDC project initiated by the Bank of Korea. As part of this decision,…

    Article 2023年7月25日

  • Nigeria’s tax revenue soars to record high in first half: Report

    TL;DR Breakdown Nigeria’s tax revenue hit a record 5.5 trillion naira ($7 billion) in H1 2023, exceeding targets. Despite economic challenges, the FIRS anticipates better performance in H2 2023. June’s government revenue doubled to 1.9 trillion naira, with funds allocated to offset fuel subsidy removal. Description Nigeria, Africa’s largest economy, has reported a record tax revenue of 5.5 trillion naira ($7 billion) for the first half of the year, exceeding the government’s target of 5.3 trillion naira. However, the Federal Inland Revenue Service (FIRS) attributes this success to improved voluntary tax compliance, enhanced automation of tax administration processes, and robust engagement … Read more Nigeria, Africa’s largest economy, has reported a record tax revenue of 5.5 trillion naira ($7 billion) for the first half of the year, exceeding the government’s target of 5.3 trillion naira. However, the Federal Inland Revenue Service (FIRS) attributes this success to improved voluntary tax compliance, enhanced automation of tax administration processes, and robust engagement with stakeholders across both formal and informal sectors. FIRS Rakes-in Record N5.5 Trillion In Six Months The FIRS has announced a…

    Article 2023年7月22日
TOP