1. BITBILIHome
  2. Article

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

• 175 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

  • Congressman: Banning CBDC vital for America’s future

    TL;DR Breakdown Congressman Warren Davidson opposes CBDCs, seeing them as threats to U.S. fintech. CBDCs and cryptocurrencies, like Bitcoin, are distinct and shouldn’t be conflated. Davidson’s main concern lies with the entities and influencers pushing for CBDCs. Description An outspoken critic on the move to introduce a central bank digital currency, U.S. Congressman Warren Davidson, once again steers the national conversation on the CBDC’s potential dangers and its profound implications for the nation’s fintech horizon. Contrary to popular belief, cryptocurrencies and CBDCs aren’t two sides of the same coin. Let’s take a deep … Read more An outspoken critic on the move to introduce a central bank digital currency, U.S. Congressman Warren Davidson, once again steers the national conversation on the CBDC’s potential dangers and its profound implications for the nation’s fintech horizon. Contrary to popular belief, cryptocurrencies and CBDCs aren’t two sides of the same coin. Let’s take a deep dive. CBDC: A Double-Edged Sword for American Fintech? Warren Davidson, a formidable figure on the House Financial Services Committee, doesn’t mince words when it comes to his stance on…

    Article 2023年8月17日

  • Kontribute on ICP: The Modern Writer’s Toolkit for NFT Story Monetization

    Description Unleashing creativity and engaging audiences has never been easier, thanks to ICP’s groundbreaking platform, Kontribute. In today’s digital age, storytelling transcends mere words on a page; it’s about immersing readers in vibrant narratives that resonate deeply.  Whether you’re an aspiring writer or an established author, Kontribute empowers you to breathe life into your stories like … Read more Unleashing creativity and engaging audiences has never been easier, thanks to ICP’s groundbreaking platform, Kontribute. In today’s digital age, storytelling transcends mere words on a page; it’s about immersing readers in vibrant narratives that resonate deeply.  Whether you’re an aspiring writer or an established author, Kontribute empowers you to breathe life into your stories like never before. This article explores the innovative features and unparalleled potential of ICP’s Kontribute, demonstrating how it paves the way for a new era of captivating and interactive storytelling. Contents hide 1 What is Kontribute? 2 Kontribute features 2.1 Storytelling 2.2 Kontribute NFTs 2.3 Kontribute launchpad 3 How to use Kontribute to tell your story 4 Examples of Stories on Kontribute 5 Conclusion What is Kontribute?…

    Article 2023年9月6日

  • Are U.S. investors still afraid of potential recession?

    TL;DR Breakdown Despite robust market gains, U.S. investors remain cautious, avoiding companies vulnerable to economic downturns. Investors are focusing on resilient “secular growth themes” like artificial intelligence, indicating a lack of confidence in a cyclical recovery. Tech giants, termed the “magnificent seven,” are dominating the market, accounting for the majority of Nasdaq’s gains. Description The ghost of an impending economic downturn still lingers on Wall Street. Despite the healthy numbers from the broader stock market and robust economic data, U.S. investors remain apprehensive. This sense of trepidation has led them to steer clear of consumer companies vulnerable to an economic slump. A muted enthusiasm amid market gains This year … Read more The ghost of an impending economic downturn still lingers on Wall Street. Despite the healthy numbers from the broader stock market and robust economic data, U.S. investors remain apprehensive. This sense of trepidation has led them to steer clear of consumer companies vulnerable to an economic slump. A muted enthusiasm amid market gains This year has witnessed a significant rebound in major stock indices. The S&P 500 has…

    Article 2023年7月27日

  • Another Chinese  $100 Million crypto scam revealed

    TL;DR Breakdown A sixth Chinese national has been apprehended in Sydney, Australia, as part of an ongoing investigation into a sprawling cryptocurrency scam with ties to the United States.  It is claimed that the suspect employed a combination of traditional bank accounts and cryptocurrency wallets to facilitate the movement of illicit funds, aiming to launder the proceeds of the cryptocurrency scam. Description A sixth Chinese national has been apprehended in Sydney, Australia, as part of an ongoing investigation into a sprawling cryptocurrency scam with ties to the United States. The alleged scam managed to siphon off over $100 million from unsuspecting American victims through a convoluted scheme involving manipulation of cryptocurrency and forex exchanges. The individual in … Read more A sixth Chinese national has been apprehended in Sydney, Australia, as part of an ongoing investigation into a sprawling cryptocurrency scam with ties to the United States. The alleged scam managed to siphon off over $100 million from unsuspecting American victims through a convoluted scheme involving manipulation of cryptocurrency and forex exchanges. The individual in question, a 34-year-old Chinese citizen…

    Article 2023年8月18日

  • China’s digital yuan gets a game-changing makeover

    TL;DR Breakdown Changchun Mu, the director of the Digital Currency Research Institute of the People’s Bank of China, emphasized the desire of digital yuan developers to see it integrated into all online retail payment options. One of the key points Mu raised was the integration of the digital yuan into popular payment platforms and applications used by consumers, including those operated by commercial banks, WeChat, and Alipay. Description Changchun Mu, the director of the Digital Currency Research Institute of the People’s Bank of China, made an intriguing announcement regarding China’s central bank digital currency (CBDC), also known as the digital yuan on September 3. Speaking at the annual China International Service Trade Fair, Mu highlighted the ongoing technological and business model upgrades that … Read more Changchun Mu, the director of the Digital Currency Research Institute of the People’s Bank of China, made an intriguing announcement regarding China’s central bank digital currency (CBDC), also known as the digital yuan on September 3. Speaking at the annual China International Service Trade Fair, Mu highlighted the ongoing technological and business model upgrades…

    Article 2023年9月4日
TOP