In a significant development, Changpeng Zhao, the Chief Executive Officer of Binance, has publicly denounced Binance Nigeria Limited as a fraudulent entity, urging the public to exercise caution and skepticism regarding news related to it. The CEO’s announcement came via a tweet on Sunday morning, where he stated that the world’s largest cryptocurrency market, Binance, has severed all ties with Binance Nigeria Limited.

Taking swift action, Binance issued a cease and desist notice to the alleged scammer entity, as revealed by Mr. Zhao in his tweet. He emphasized the importance of not blindly believing everything published in the news regarding the matter.

These revelations follow the recent ban imposed by the Nigerian Security Exchange Commission (SEC) on Binance Nigeria Limited. In a formal statement, the SEC clarified that Binance Nigeria Limited lacks the necessary registration and regulation required by the Commission, making its operations within Nigeria illegal.

According to the SEC, any individuals engaging with Binance Nigeria Limited in investment activities are doing so entirely at their own risk. The Commission warned the investing public to exercise utmost caution and vigilance when dealing with this unauthorized entity.

The ban and subsequent public announcement by Changpeng Zhao have raised concerns about the growing presence of fraudulent entities in the cryptocurrency industry. Investors and enthusiasts are urged to thoroughly research and verify the legitimacy of any cryptocurrency-related organizations or platforms before engaging with them.

Binance, with its global reputation, remains committed to providing a secure and trustworthy platform for cryptocurrency trading and investment. The company encourages users to rely on official announcements and updates from authorized channels to stay informed and protected from potential scams.

As the situation unfolds, regulatory bodies and market participants will continue to closely monitor the developments surrounding Binance Nigeria Limited and take necessary measures to protect the interests of investors.

“Binance Nigeria Limited is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal. Any member of the investing public dealing with the entity is doing so at his/her own risk,” SEC said in a statement.