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

Zhao made the declaration on Sunday via his Twitter handle.

The Binance boss wrote, “Binance has issued cease & desist notice to the scammer entity “Binance Nigeria Limited”. Don’t believe everything you read in the news.”

Cryototimes recently reported that the activities of Binance in Nigeria were declared illegal by the Securities and Exchange Commission (SEC) of Nigeria.

Federal regulators in the United States had sued the world’s largest crypto exchange, accusing the company of running an illegal exchange in the US and raking in billions of dollars worth of customer funds.