1. BITBILIHome
  2. Article

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

• 89 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

  • Silicon Valley Bank England will get a new name

    TL;DR Breakdown Silicon Valley Bank’s UK branch is set to be renamed HSBC Innovation Banking next month. The sale of SVB UK to HSBC in March was facilitated by the British Government and the Bank of England. As the winds of change blow across the financial landscape, Silicon Valley Bank’s UK branch is poised to assume a new identity. The transformation is expected to be formalized in the coming month, with the once-innovative powerhouse transitioning into HSBC Innovation Banking, a move likely to stir excitement and speculation in equal measure. From Silicon Valley to London: The journey of a crisis-torn bank The Silicon Valley Bank, long hailed as a financial haven for startups, has had a tumultuous journey, culminating in the largest bank failure since the 2008 crisis. When the Californian regulators stepped in to close the beleaguered bank, the aftershocks reverberated through the global markets, leaving companies and investors grappling with the fallout. The Federal Deposit Insurance Corporation (FDIC) took up the mantle as the bank’s receiver, while the bank itself waded through bankruptcy proceedings. This crisis triggered the…

    Article 2023年6月2日

  • Crypto companies: Layoffs and hires amid industry shifts

    TL;DR Breakdown Binance is set to cut its workforce by 20% in response to regulatory pressures. Nansen, a blockchain analytics platform, will lay off 30% of its staff citing rapid scaling and market conditions. Despite industry-wide layoffs, Bitget plans to expand, using market downturns to recruit talent and develop its product. A new wave of employee restructuring is sweeping across the digital currency world. Binance, the widely recognized crypto exchange, is at the center of this change with plans to cut 20% of its workforce come June. Despite earlier assurances that there would be no layoffs, the company has framed this move as a shift in resource allocation, rather than a reduction. A Binance spokesperson explained that the strategy is being driven by the need for a more dense talent pool to navigate the challenges of the next major bull cycle. “To ensure our agility and dynamism, we have identified the need for concentrated expertise within the organization,” they stated. Workforce retrenchment amid regulatory pressure The Chief Strategy Officer of Binance, Patrick Hillmann, pointed to the increasing regulatory scrutiny facing…

    Article 2023年6月5日

  • Australian Dollar falls against USD following China property default

    TL;DR Breakdown The Australian Dollar (AUD) has experienced a decline against the US Dollar (USD) due to concerns about a potential credit squeeze in China’s real estate industry. Description The Australian Dollar (AUD) has experienced a decline against the US Dollar (USD) as it weakened during the Asian trading session due to concerns about a potential credit squeeze in China’s real estate industry. These worries were sparked by the default of a private property developer, Country Garden’s debt. Adding to the strain on the … Read more The Australian Dollar (AUD) has experienced a decline against the US Dollar (USD) as it weakened during the Asian trading session due to concerns about a potential credit squeeze in China’s real estate industry. These worries were sparked by the default of a private property developer, Country Garden’s debt. Adding to the strain on the Australian Dollar, it faced increased challenges after unveiling US factory gate inflation figures for July, which surpassed expectations. The disclosure of this data, specifically the Producer Price Index (PPI), heightens the likelihood of another interest rate hike by…

    Article 2023年8月13日

  • Credit Suisse’s massive job cuts in Hong Kong

    TL;DR Breakdown Credit Suisse is planning significant layoffs in Hong Kong, with about 80% of its investment banking staff facing redundancy due to the bank’s merger with UBS Group. The cutbacks will leave only 20 out of the original 100-strong team in place, marking a drastic reduction of Credit Suisse’s presence in Hong Kong, its major base in Asia. Description It’s a choppy sea for Credit Suisse’s investment banking personnel based in Hong Kong, as the storm of massive layoffs hits the financial hub. As the Swiss banking giant merges with UBS Group, roughly 80% of its investment banking workforce in Hong Kong is set to vanish, according to insider sources. This puts a dark … Read more It’s a choppy sea for Credit Suisse’s investment banking personnel based in Hong Kong, as the storm of massive layoffs hits the financial hub. As the Swiss banking giant merges with UBS Group, roughly 80% of its investment banking workforce in Hong Kong is set to vanish, according to insider sources. This puts a dark cloud over the company’s future in the…

    Article 2023年8月8日

  • A worrying yield curve: Is a recession on the horizon for the US economy?

    TL;DR Breakdown The yield curve for US Treasurys is facing inversion, historically seen as an indicator of impending recessions. The Fed’s series of interest rate hikes over the past year have raised concerns among some investors that it could slow down the economy to the point of triggering a recession. Despite the yield curve inversion, the US economy has shown resilience. Description About a year ago, the yield curve for US Treasurys experienced an inversion, meaning that short-term bonds offered higher interest rates than their long-term counterparts. Recently, the gap between two specific bonds reached its widest point since 1981, further deepening this inversion. The yield curve, which had already been inverted, has become even more pronounced … Read more About a year ago, the yield curve for US Treasurys experienced an inversion, meaning that short-term bonds offered higher interest rates than their long-term counterparts. Recently, the gap between two specific bonds reached its widest point since 1981, further deepening this inversion. The yield curve, which had already been inverted, has become even more pronounced in its divergence between short-term…

    Article 2023年9月21日
TOP