Quote from: Cryptomultiplier on June 19, 2023, 11:05:57 AM

Clearity on the Binance saga.

I have been seeing various comments and happened to come across this topic, on how the lawsuit against Binance U.S. is affecting operation/service in our region.
The truth is, the SEC in Nigeria investigated Binance NG Ltd and discovered it isn't a subsidiary of the main Binance, but a name registered in hopes that Binance would come to the country.

Here's a snippet of my findings from Mariblock website:

Quote

Mariblock consulted the Corporate Affairs Commission (CAC) of Nigeria’s database to fact-check that the entity “Binance Nigeria Limited” indeed exists.
While a search returned a match, the company, registered in December 2019, is inactive.
Mariblock contacted one of the individuals listed as officers of Binance Nigeria Limited to verify the company’s affiliation with Binance, the global exchange.
He confirmed to Mariblock that Binance Limited Nigeria is unaffiliated with the global exchange, adding that he registered the company for arbitrage purposes.
“The company [Binance Nigeria Limited] is not affiliated to Binance. It was only registered for arbitrage reasons when we thought Binance might want to set up operations in Nigeria. But that did not happen, and as you can see, it [Binance Nigeria Limited] is inactive.”

A Binance spokesperson told Mariblock:
“We are aware of the circular. However, the entity mentioned in the circular [Binance Nigeria Limited] is not affiliated with us. We are therefore seeking clarity from the Nigerian SEC and remain committed to working with them cooperatively on the next steps..."

This is just the SEC warning anyone within this region to be careful about investing in cryptocurrency because of the risks involved, mostly for those who have little knowledge about the subject matter. The SEC isn't against the idea of decentralization, but hopes to help protect the funds and data of its citizenry from hackers, scammers, fake exchanges with questionable operation, by collaborating with other regulators within the country to offer guidance as necessary.

https://www.mariblock.com/nigeria-sec-warns-against-binance/

I had to follow up with this saga too to know what really is happening and now it is obviously clear that the mainstream binance have refuted the claims that they have link or affiliations with binance nigeria limited. This is coming after much investigations by the sec on binance nigeria limited. This organization have been running for a long time now and it seems they have gotten the required publicity they needed but are not what people think they are.

I know they were having the thought that binance would come to Nigeria and when they come, it would happen that the name is already registered and would have no option than working with the already existing one but they forget that this doesn't work that way. Now that the mainstream has come out publicly to deny knowing or having anything to do with them this is an indirect way of tagging them scammers. These are the things that brings Nigeria to being noted for wrong doings. They wanted to act smart while waiting for the mainstream to come collaborate with them if it happens they want to establish an officie here in Nigeria.