Binance has issued a cease-and-desist order for misusing the Binance brand.
The imposter entity was recently under scrutiny by the Nigerian SEC.
The Securities and Exchange Commission of Nigeria has banned a company called Binance Nigeria Limited from operating in the country. Investments placed on Binance Nigeria Limited are not protected by law, as stated in a circular released by the local authorities.
Binance is now engaged in a heated legal struggle in the United States. But its purported difficulties in other parts of the globe seem to be unwarranted. The announcement comes only days after Binance.US was taken to court by U.S. authorities on several allegations. Including acting as an unlicensed broker-dealer, exchange, clearing agency, and misrepresenting trade restrictions.
Moreover, Binance has said that the SEC’s action has harmed the cryptocurrency exchange’s operations and image. Moreover, the exchange had reached a settlement with the SEC that would enable it to oper
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