CEO Changpeng Zhao Exposes "Binance Nigeria Limited" as a Cryptocurrency Scam

Changpeng Zhao, the Chief Executive Officer (CEO) of the renowned cryptocurrency exchange Binance, took to Twitter on Sunday, June 18, to make a startling revelation. In a tweet made on his official page, Zhao boldly labeled "Binance Nigeria Limited" as nothing more than a fraudulent enterprise.

CEO ZHAO’S STATEMENT 

The statement, which caught the attention of Investingport, read, "Binance has issued a cease and desist notice to the scammer entity known as 'Binance Nigeria Limited.' Don't believe everything you read in the news." This unexpected disclosure left the crypto community in a state of bewilderment.

Interestingly, earlier this month, the Securities and Exchange Commission (SEC) of Nigeria had already expressed its concerns regarding Binance Nigeria, a subsidiary of the global cryptocurrency giant. The SEC explicitly accused the company of operating unlawfully within Nigeria, asserting that it lacked the necessary registration and regulatory compliance. This revelation added fuel to the fire of suspicion surrounding the entity in question.

Now, let's delve deeper into the mystery surrounding "Binance Nigeria Limited." Our thorough investigation on the Corporate Affairs Commission (CAC) website unraveled some intriguing details. It appears that this enigmatic entity was officially registered on December 9th, 2019, under the CAC number "1639782." Surprisingly, the provided physical address led us to none other than the premises of "Gitto Costruzioni Generali Nigeria Ltd," a construction company. However, perplexingly, a subsequent search on the CAC website yielded no results for the supposed connection between "Binance Nigeria Limited" and "Gitto Costruzioni Generali Nigeria Ltd." The plot thickens.

It's worth noting that further investigation unearthed another puzzling entity called "Binance Holdings Limited," sharing identical registration details with "Binance Nigeria Limited." Curiously, "Binance Holdings Limited" lacks a registration number and date, adding an air of uncertainty to its existence. The intrigue deepens as we discover the absence of any official social media presence for "Binance Nigeria Limited" on popular platforms such as Twitter, Instagram, and Facebook.

Binance Africa

Amidst this intricate web of uncertainty, it becomes crucial to distinguish the authentic arm of Binance in Africa. Enter "Binance Africa," the sole recognized extension of Binance within the continent. Verified social media accounts on Twitter and Instagram, marked with the coveted blue tick, attest to the legitimacy of Binance Africa. Although their Facebook account lacks verification, it boasts an impressive following of 45,000 eager enthusiasts. Binance Africa actively fosters a thriving community centered around the dissemination of blockchain technology and cryptocurrency. Curious readers can explore their insightful updates on their dedicated blog.

In light of these astonishing revelations, it becomes clear that Changpeng Zhao's tweet intends to clarify Binance's position. While Binance indeed maintains a presence in Africa through Binance Africa, the perplexing entity known as "Binance Nigeria Limited" holds no affiliation or recognition from the reputable cryptocurrency exchange. It seems that amidst the vast ecosystem of Binance, a counterfeit force has emerged, causing ripples of confusion within the crypto realm.

BINANCE: THE GLOBAL CRYPTO EXCHANGE 

Turning our attention to the grandeur of Binance itself, we find a titan of the blockchain world—a provider of unparalleled cryptocurrency infrastructure and a thriving ecosystem. Established in July 2017 by the visionary Chinese-born Canadian businessman Changpeng Zhao, Binance has amassed a staggering 140 million global users. Its expansive financial product suite encompasses the largest digital asset exchange, offering a staggering 350+ listed cryptocurrencies. With a daily trading volume reaching an astronomical $38 billion, Binance has solidified its status as a prominent player in the crypto industry.

The revelation surrounding "Binance Nigeria Limited" and its dubious nature has sent shockwaves through the cryptocurrency community. As the plot thickens and more details come to light, the enigmatic entity's true nature remains shrouded in mystery. However, one thing is clear—Binance Africa stands as the veritable representative of Binance within the African continent. With its unyielding commitment to promoting blockchain technology and cryptocurrency, Binance Africa continues to drive the narrative forward. Meanwhile, the world eagerly awaits further developments, hoping to untangle the intricate web woven around "Binance Nigeria Limited" and expose the truth behind this scam.