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

Zhao made this known via his Twitter handle on Sunday, saying, “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,” he wrote.

It will be recalled that it had earlier been reported that the Securities and Exchange Commission of Nigeria declared Binance Nigeria is operating illegally in the country as it is not registered or regulated by the SEC.

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