If you have invested your money with Nigeria’s subsidiary of the global cryptocurrency exchange platform, Binance, then you need to act fast to avoid losing your money.

Binance

The Chief Executive Officer of Binance, Changpeng Zhao, says the Nigeria’s subsidiary of the global cryptocurrency exchange platform is a scam.

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Zhao made this known via his Twitter handle on Sunday.

“Binance Nigeria Limited a scam entity.

“Binance has issued cease & desist notice to the scammer entity “Binance Nigeria Limited.”

“Don’t believe everything you read in the news.”

Illegal Operations

The President Bola Tinubu-led administration had slammed a ban on the operations of Binance Nigeria Limited.

The ban was disclosed in a circular by the Securities and Exchange Commission.

The Commission, in the circular stated that Binance Nigeria Limited is neither registered nor regulated, and its operations in Nigeria are, therefore illegal.

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The circular reads: “The attention of the Securities and Exchange Commission (the Commission) has been drawn to the website operated by Binance Nigeria Limited.

“The website is soliciting the Nigerian public to trade crypto assets on its various web and mobile-enabled platforms.

“Binance Nigeria Limited is neither registered nor regulated by the Commission, and its operations in Nigeria are therefore illegal.

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Any member of the investing public dealing with the entity is doing so at his/her own risk.

Warning To Nigerians

“As the regulator with the statutory mandate of investor protection, the Commission urges Nigerians to be wary of investing in crypto-assets and crypto-asset related financial products and services if the service provider/its platform is not registered or regulated by the Commission.

Nigerian investors are hereby warned that investing in crypto-assets is extremely risky and may result in total loss of their investment.

“By this circular, Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever.

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“The Commission shall provide updates on further regulatory actions with respect to the activities of Binance Nigeria Limited, and other similar platforms.

“We shall work with other regulators in Nigeria to provide further guidance on this matter.”

This recent development has scared many Nigerians.

However, the video below will guide you on how to invest your money profitably with less risk.

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