The news:
- Binance says it is not the entity SEC Nigeria referred to as Binance Nigeria Limited in its circular.
- The crypto exchange added that it is unaware of, and not affiliated with the entity.
- It stressed that user assets on the platform remain safe and accessible.
On Friday, June 9, 2023, the Securities and Exchange Commission, Nigeria (SEC) released a circular declaring Binance Nigeria Limited is illegal in the country.
Binance has, however, responded, saying it is not the Binance the SEC is referring to.
“The entity mentioned in the circular is not affiliated with us. We are therefore seeking clarity from the Nigerian SEC and remain committed to working with them cooperatively on the next steps,” a Binance spokesperson told Techpoint Africa.
While Binance claims it is not affiliated with Binance Nigeria Limited, as stated in the SEC circular, the company is currently being sued by the US SEC.
The US Commission filed 13 charges against Binance entities and its CEO, Changpeng Zhao.
Some of the charges include operating unregistered exchanges, broker-dealers, and clearing agencies and misrepresenting trading controls.
The US SEC said that while Binance and Zhao earned $11.6 billion from US customers, “it should have registered as an exchange, broker-dealer, and clearing agency.” It also accused Binance Holdings Limited of allowing high-value US investors to access Binance.com
Binance, which is available in about 100 countries, registered its headquarters, Binance Holdings Limited, in George Town, Cayman Islands, in 2017. In 2019, it also registered Binance Investments Company, in Mahe, Seychelles.
This is a developing story
