Skip to main content

CZ Says Binance Has Issued a Cease and Desist Notice Against Nigerian Scammer Entity

CZ Says Binance Has Issued a Cease and Desist Notice Against Nigerian 'Scammer Entity'

Changpeng Zhao, the CEO of Binance, said the recently banned Binance Nigeria Limited has been issued with “a cease and desist notice.” Zhao, who has since branded the Nigeria-registered company a “scammer entity,” told his followers not to believe everything they read in the news.

Binance Disassociates Itself From Banned Nigerian Entity

The CEO of Binance, Changpeng (CZ) Zhao, recently said his firm had issued a “cease and desist” notice against Binance Nigeria Limited, the supposed affiliate of the crypto exchange platform. In a June 18 tweet, CZ also told his followers not to believe everything they read in the news. However, the tweet did not explain how Binance is going to enforce the order against the “scammer entity.”

The Binance chief’s clarification about the crypto exchange’s relationship with the Nigerian entity came just over a week after the Nigerian Securities and Exchange Commission (NSEC) declared Binance Nigeria Limited’s operations in the country illegal. As reported by Bitcoin.com News, the Nigerian regulator also told Binance Nigeria Limited to “stop soliciting Nigerian investors in any form whatsoever.”

Following the NSEC’s declaration and warning to the Nigerian public, a spokesperson for Binance was quoted in a report distancing the leading crypto exchange from the Nigerian entity.

Meanwhile, in the same report, an individual known as Ahassan Ifzal Mughal is quoted confirming Binance Nigeria Limited’s non-affiliation with Binance. According to the report, Mughal had registered Binance Nigeria Limited with the hope of eventually selling the incorporated entity to CZ’s Binance.

“We are willing to hand over full control of Binance Nigeria Limited to binance.com should they choose to legally enter into the Nigerian market, and are further available to provide our legal services to them in obtaining legal regulatory compliance in Nigeria,” Mughal reportedly said.

While some have questioned CZ’s belated move to disown the “scammer entity,” a Nigeria crypto industry insider told Bitcoin.com News that it is possible that Binance was not aware that the now-banned entity had been using its name. To support this assertion, the insider pointed to 6 Nigerian organizations on the Corporate Affairs Commission portal which use the name Binance.

Senator Ihenyen, the lead partner at Infusion Lawyers, said while Binance’s move may seem surprising to some, the illegal use of well-known brands or trademarks is “a menace genuine companies or brand owners face across the world, including Nigeria.” Ihenyen stated that his firm has handled many cases wherein this practice which is known as cybersquatting has been perpetrated.

“As the Lead Partner of a law firm in the African market, we have handled similar matters involving cybersquatting in and outside the blockchain space. Here, an entity’s name, domain name, trademark, etc. is registered without due authorization in the hope of reselling them for profit. So “Binance Nigeria Limited” may just be one of many instances of this menace. This is Cybersquatting.,” Ihenyen explained.

The lawyer also stated that while this practice is illegal in Nigeria, many still see it as a legitimate practice.

Register your email here to get a weekly update on African news sent to your inbox:

What are your thoughts on this story? Let us know what you think in the comments section below.



from Bitcoin News https://ift.tt/FnS0Upz
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more

2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K

As bitcoin has touched new price highs on Thursday nearing the $50k handle, people have been curious as to where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives, and proponents from the crypto space believe the leading crypto asset will reach between $60k to six-digits this year. Mike Novogratz Predicts $100K Bitcoin: ‘Other CFOs and CEOs Are Saying, What Should We Be Doing?’ Satoshi Nakamoto’s invention has gained mass appeal in recent times as the leading digital asset bitcoin ( BTC ) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) at $48,697 per unit. Earlier in the morning at around 2 a.m., bitcoin was exchanging hands for $44,485 and saw an 8.98% increase since then. At the time of publication, at 6:30 p.m. (EST) on February 11, 2021, bitcoin (BTC) is swapping for $47,821 per coin. With BTC so close to the $50k mark, people have been forecasting ...
Post a Comment
Read more