Binance Nigeria Ltd Is a Scam, Says CEO Zhao. (fij.ng)

PEGASUS LEGAL

Changpeng Zhao, the CEO of Binance, a cryptocurrency platform, has described the Nigerian arm of the global entity as a scam.

Zhao tweeted this on Sunday and cautioned people on the platform to be wary of whatever they read in the news.

He equally said the company had issued a cease and desist notice to the Nigerian office.

“Binance have issued cease & desist notice to the scammer entity ‘Binance Nigeria Limited’. Don’t believe everything you read in the news,” the 46-year-old said.

Meaning of Cease and Desist Notice

According to Oxford Dictionary, cease and desist notice is a formal complaint by a party against another party, in which the complaining party details the basis of their complaint and warns the offending party to stop.

Cease and desist notice denotes “a cautionary notice detailing the sender’s complaint of alleged wrongdoing by the recipient and threatening legal action if the offending activity is not stopped”.

It could also be a court order or governmental directive to stop a certain activity.

The Securities and Exchange Commission (SEC), Nigeria’s security market regulator, had earlier banned Binance in the country and declared it an unsafe investment option.

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