CZ called Binance Nigeria scam entity

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Quote from: Wiwo on July 27, 2023, 06:04:19 PM

Quote from: Doan9269 on June 29, 2023, 10:20:12 AM

Quote from: Z390 on June 20, 2023, 09:29:07 AM

Is it true that there is a Binance Nigeria Limited company based in Lagos Nigeria? I read where CZ said that it's a scam organization, that they are just aware of it's existence in the country? Nigerians on here can anyone confirm if this is a fact?

Be careful of anyone claiming to be Binance because they don't have Nigeriams Binance or whatever the name may appears, we have Binance US ad Binance global, there are Nigerians working with Binance from their head office, they have maybe some representative if fee in Nigeria but am not sure, if you come across any website claiming Nigeria Binance then check them well because rhey might be scammers operating on a cloned website to impose Binance.

Quote from: Z390 on June 20, 2023, 09:29:07 AM

It's now I am even thinking about the possibility that scammers can make this happen, a exchange company that's very popular can be run in another location where there was no services from the original exchange and make it look like it's still the same company, I have heard such stories before.

Always lauch into a website from their original web address and if you don't know how to identify one, always ask others you think are reliable to help you out, they are not only attacking Binance but many other reputable organization and industries suffer their attacks of this manners.

Nigerians are the most gullible people and when it comes to scam, the scheme trive so much in Nigeria, and the coming of cryptocurrencies and the decentralized market have also triggered alot of such scam up, and if one is not smart enough in this cryptocurrency space, you may records alot of loses and this is something that one need to be careful about.

Binance is a global cryptocurrency exchange so at that, many scammers will want to take advantage of the popularity of the name to be able to scam unsuspecting Nigerians, this is one such case and I guess the victim whose 1 million dollars is held in that scam exchange will not be the only victim, we may have some other members of the public who may be afraid to speak out, so I suggest the Sec should order for the arrest of those behind that scam.

Nobody is scamming using the name of Binance though — at least not "Binance Nigeria Limited." Have you read this piece? https://www.mariblock.com/exclusive-inside-the-nigerian-secs-recent-circular-on-binance/

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Quote from: Doan9269 on June 29, 2023, 10:20:12 AM

Quote from: Z390 on June 20, 2023, 09:29:07 AM

Is it true that there is a Binance Nigeria Limited company based in Lagos Nigeria? I read where CZ said that it's a scam organization, that they are just aware of it's existence in the country? Nigerians on here can anyone confirm if this is a fact?

Be careful of anyone claiming to be Binance because they don't have Nigeriams Binance or whatever the name may appears, we have Binance US ad Binance global, there are Nigerians working with Binance from their head office, they have maybe some representative if fee in Nigeria but am not sure, if you come across any website claiming Nigeria Binance then check them well because rhey might be scammers operating on a cloned website to impose Binance.

Quote from: Z390 on June 20, 2023, 09:29:07 AM

It's now I am even thinking about the possibility that scammers can make this happen, a exchange company that's very popular can be run in another location where there was no services from the original exchange and make it look like it's still the same company, I have heard such stories before.

Always lauch into a website from their original web address and if you don't know how to identify one, always ask others you think are reliable to help you out, they are not only attacking Binance but many other reputable organization and industries suffer their attacks of this manners.

Nigerians are the most gullible people and when it comes to scam, the scheme trive so much in Nigeria, and the coming of cryptocurrencies and the decentralized market have also triggered alot of such scam up, and if one is not smart enough in this cryptocurrency space, you may records alot of loses and this is something that one need to be careful about.

Binance is a global cryptocurrency exchange so at that, many scammers will want to take advantage of the popularity of the name to be able to scam unsuspecting Nigerians, this is one such case and I guess the victim whose 1 million dollars is held in that scam exchange will not be the only victim, we may have some other members of the public who may be afraid to speak out, so I suggest the Sec should order for the arrest of those behind that scam.

lewisroise

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Quote from: Charles-Tim on June 20, 2023, 09:38:58 AM

To understand it better, read the content on this link: https://www.mariblock.com/nigeria-sec-warns-against-binance/

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

“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.”

The same website just published a longer expose on the events that happened before the Nigerian SEC circular. Looks like Binance was deflecting.

Quote

The circular from the SEC came just days after the regulatory body mediated a settlement between Changpeng Zhao’s Binance and certain Nigerian users. These users had filed complaints against the exchange after suffering losses of nearly $1 million, a direct result of what they called a glitch in the exchange’s setup for leveraged token trading.

https://www.mariblock.com/exclusive-inside-the-nigerian-secs-recent-circular-on-binance/

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To me is not a problem... But i think the government is something else

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Quote from: Forever101 on July 01, 2023, 01:19:13 AM

What the OP said can not be all true about binance been used as a scam in a commercial country in Africa. Since binance is operating in naira, there will definitely be an insider for them in Nigeria. Also, before they could use them as scam, they will have to manipulate binance app to get users info and direct them to their office. If you carryout a transaction that is not successful, can they rectify it if they have no connection with binance. Well, if the news is correct, then there must be some kind of games going on and not scam.

I look forward to the time when the word scam will be forgotten or hardly used in Nigeria. Everyone please let's work hard to build our reputation in other boards as good citizens of this great country-Nigeria on this platform. I am tired of seen reference to Nigeria as scammer from others and even from Nigerian who wants to prove their superiority on the platform. It is high time we be our brothers keeper and build good reputation

I do not recall but I think the OP didn't directly say that the Binance is used as a scam because no scam has been done according to my knowledge. Many members also mentioned in the reply that even if the Exchange was functioning in Nigeria under the name of Binance but there was no scam occurred. If there was no scam occurring with customers like stealing of money then definitely the exchange's member might be involved in this fake exchange.

I like your enthusiasm toward your country because many lack this and I think you mentioned it because the topic is in a Nigerian thread and I am not a Nigerian and still my reply lies here. That's because the OP made this topic in the Economic section (AFAIK) maybe in the BTC discussion not really confirmed but he didn't create the topic here. So, do not feel offended by my words if they hurt anyone because I meant no disrespect to anyone's country I do know the world is full of evil and good and we have to discourage evil because that's the right thing to do. We all should make good reputations and I pray you grow more.

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Quote from: Faisal2202 on June 20, 2023, 10:00:51 AM

Quote from: Z390 on June 20, 2023, 09:29:07 AM

Is it true that there is a Binance Nigeria Limited company based in Lagos Nigeria? I read where CZ said that it's a scam organization, that they are just aware of it's existence in the country? Nigerians on here can anyone confirm if this is a fact?

Story is quite impressing, like after reading the news shared by Charles-Tim, it says, Binance came to know about Nigerian Binanace exchange when SEC sued Nigerian Exchange. Like how it can be possible for binance a big exchange to bear someone using there name and benefiting themselves while real Binance is earning nothing.

Well, let's see where this fud leads to, as nigeria is a big hub of crypto users and i am really interested to know how much traffic that local exchange was getting. I hope, if op could share the link to that exchange (local one) if it still exists.

This is something new, as scammer do make exchanges with the main purpose of scamming peoples and those are know as fake exchanges, but I did not know they would use the same name as of Binance.

What the OP said can not be all true about binance been used as a scam in a commercial country in Africa. Since binance is operating in naira, there will definitely be an insider for them in Nigeria. Also, before they could use them as scam, they will have to manipulate binance app to get users info and direct them to their office. If you carryout a transaction that is not successful, can they rectify it if they have no connection with binance. Well, if the news is correct, then there must be some kind of games going on and not scam.

I look forward to the time when the word scam will be forgotten or hardly used in Nigeria. Everyone please let's work hard to build our reputation in other boards as good citizens of this great country-Nigeria on this platform. I am tired of seen reference to Nigeria as scammer from others and even from Nigerian who wants to prove their superiority on the platform. It is high time we be our brothers keeper and build good reputation

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Quote from: Mate2237 on June 30, 2023, 03:24:36 PM

I never hear dat kind news, and yes scammers can imposter the company. Binance might be operating online only in Nigeria. And if they are operating without registering is bad. And probably because of that Nigerian government said, Binance is operating in the country illegal. But the question is how can binance operate in the country asking customers KYC without the permission of the government. The tori is not clear for me.

Abobi na so we see am o. Monkey hand really dey inside pot of soup o. I come dey wonders how dem take dey access our bvn, nin and other documents wey dem dey requires for kyc and how dem dey takes know say the documents na original and also to dey detect fake one if dem dey claim says dem no get any link or office for Naija here. Wonders dey say never ends o.

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I never hear dat kind news, and yes scammers can imposter the company. Binance might be operating online only in Nigeria. And if they are operating without registering is bad. And probably because of that Nigerian government said, Binance is operating in the country illegal. But the question is how can binance operate in the country asking customers KYC without the permission of the government. The tori is not clear for me.

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Quote from: Z390 on June 20, 2023, 09:29:07 AM

Is it true that there is a Binance Nigeria Limited company based in Lagos Nigeria? I read where CZ said that it's a scam organization, that they are just aware of it's existence in the country? Nigerians on here can anyone confirm if this is a fact?

Be careful of anyone claiming to be Binance because they don't have Nigeriams Binance or whatever the name may appears, we have Binance US ad Binance global, there are Nigerians working with Binance from their head office, they have maybe some representative if fee in Nigeria but am not sure, if you come across any website claiming Nigeria Binance then check them well because rhey might be scammers operating on a cloned website to impose Binance.

Quote from: Z390 on June 20, 2023, 09:29:07 AM

It's now I am even thinking about the possibility that scammers can make this happen, a exchange company that's very popular can be run in another location where there was no services from the original exchange and make it look like it's still the same company, I have heard such stories before.

Always lauch into a website from their original web address and if you don't know how to identify one, always ask others you think are reliable to help you out, they are not only attacking Binance but many other reputable organization and industries suffer their attacks of this manners.

CryptSafe

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From my own point of view, I noticed that they were trying to act smart by being too quick to register that name as their own enterprise waiting for binance to make moves to Nigeria and when that happens and it seems some other people have already registered with the name, binance will have no choice than partnership with them. That was the fast game they thought of playing but it backfired and they have lost it all coupled with the new name tag they got from CZ himself which is now a dent on their name.

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Quote from: Z390 on June 20, 2023, 09:29:07 AM

Is it true that there is a Binance Nigeria Limited company based in Lagos Nigeria? I read where CZ said that it's a scam organization, that they are just aware of it's existence in the country? Nigerians on here can anyone confirm if this is a fact?

It's now I am even thinking about the possibility that scammers can make this happen, a exchange company that's very popular can be run in another location where there was no services from the original exchange and make it look like it's still the same company, I have heard such stories before.

Jumping into conclusions on stories reas online, ofcourse we should be extremely careful not to spread falseful news online because these news have 99% chances of trending other than the legit ones, people are really interested in the negative aspects of information, CZ never mentioned anything regarding such, and it's a very strong allegations to involved Nigeria Company in the scamming prospect of the exchange. Scammers do exists in the space, no doubts about that, but misinformation can lead to other several penalties which might be impose on the regulation of binance in the country.

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Quote from: GeorgeJohn on June 20, 2023, 04:15:00 PM

Quote from: Z390 on June 20, 2023, 09:29:07 AM

Is it true that there is a Binance Nigeria Limited company based in Lagos Nigeria? I read where CZ said that it's a scam organization, that they are just aware of it's existence in the country? Nigerians on here can anyone confirm if this is a fact?

It's now I am even thinking about the possibility that scammers can make this happen, a exchange company that's very popular can be run in another location where there was no services from the original exchange and make it look like it's still the same company, I have heard such stories before.

People want to extend their castigations or propaganda to Binance service, according the news I got from someone upload today as Binance took them to court their is no proper evidence to show that Binance have a fruade act, that's a castigations and they want obstruct out Binance to exist in Nigeria the way I'm seeing it.

True, I think it is important here to approach the claim and look for verified evidence before drawing conclusions. Regardless of the title it should be thoroughly investigated, a credible reference source is seen as essential to accurately assess the situation. Jumping to conclusions without proper evidence can lead to misinformation and hinder an objective evaluation of a company's operations in Nigeria.

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Quote from: Z390 on June 20, 2023, 02:23:23 PM

Nice, this is the exact answer or clue I am looking for, I just wanted to know if this operation is ongoing in the country without any manhunt being launched already on the operators, with the way CZ explained things, it looked like he had a solid prove that such scam is ongoing in the country, but this says otherwise, thanks Charles-Tim.

It can also be found on their website, Binance official.

Quote from: Eternad on June 20, 2023, 10:05:28 AM

This is self explanatory. CZ is the owner of Binance while Binance Nigeria use their brand name impersonating that they are local Binance for Nigeria.

For the others that think there's some misleading of what OP has brought as topic, this is one of the explanation that everyone has to see.

It's a copycat company that used Binance's name to attract their victims and the sole purpose is to fraud them.

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Quote from: Z390 on June 20, 2023, 09:29:07 AM

Is it true that there is a Binance Nigeria Limited company based in Lagos Nigeria? I read where CZ said that it's a scam organization, that they are just aware of it's existence in the country? Nigerians on here can anyone confirm if this is a fact?

It's now I am even thinking about the possibility that scammers can make this happen, a exchange company that's very popular can be run in another location where there was no services from the original exchange and make it look like it's still the same company, I have heard such stories before.

Isn't it obvious though? And what's scary though is that there could be individuals going to fall for this scam trick. And we all know the history about Nigeria when it comes to scam though, so again, we need to be very careful about it and CZ just trying to protect his brand name here.

So no need from some people from Nigeria to confirmed it.

And this could be just the beginning though, maybe we can see more entities registering Binance name to take advantage of it.

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Quote from: o48o on June 20, 2023, 02:39:14 PM

Quote from: Charles-Tim on June 20, 2023, 09:38:58 AM

To understand it better, read the content on this link: https://www.mariblock.com/nigeria-sec-warns-against-binance/

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

“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.”

Thanks, there seemed to be some confusion, like Like dailypost and many others saying Binance is now illegal and sued by nigerian SEC. BNB might have been slightly affected by the fud but nothing noticeable as everything is so volatile anyway.

But it couldn't be that big of an operation, could it? How long did the scam run and how much they scammed?
I can't even find any trace of the binance nigeria ltd site, existing ever by google. Usually even if the site was a scam there still will be other sites linking to it and influencers talking about it.
All i find is dozens of articles quoting CZ saying it was a scam operation.

well, it is no surprise if scammers created such site borrowing binance's name in their operation. just remind yourself about the nigerian prince fraud story and you will understand, there's too much scam artists proliferating in this country.
this is why everyone should always validate the legitimacy of the trading site they are checking into. scammers are very creative these days.

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Quote from: Z390 on June 20, 2023, 09:29:07 AM

Is it true that there is a Binance Nigeria Limited company based in Lagos Nigeria? I read where CZ said that it's a scam organization, that they are just aware of it's existence in the country? Nigerians on here can anyone confirm if this is a fact?

It's now I am even thinking about the possibility that scammers can make this happen, a exchange company that's very popular can be run in another location where there was no services from the original exchange and make it look like it's still the same company, I have heard such stories before.

People want to extend their castigations or propaganda to Binance service, according the news I got from someone upload today as Binance took them to court their is no proper evidence to show that Binance have a fruade act, that's a castigations and they want obstruct out Binance to exist in Nigeria the way I'm seeing it.

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Quote from: Z390 on June 20, 2023, 09:29:07 AM

It's now I am even thinking about the possibility that scammers can make this happen, a exchange company that's very popular can be run in another location where there was no services from the original exchange and make it look like it's still the same company, I have heard such stories before.

Those who came up with this plan and set it up must be highly clever, as well as eager for Binance's attention in the country. I'm not sure what their primary goal was, but effectively creating and managing similar businesses in another country and reaping the rewards raises red flags for me. It was commendable that CZ came out publicly and called the company's operations a sham.

This was only feasible because it occurred in a country where the laws were not as stringent. If they've been running it for a long, the government should have requested the SEC to tax them for their operations in the country by now. There will be no more panic for the average Nigerians that are sourcing for income from the use of binance p2p.

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It would be a phishing platform if they tried to market themselves as a legal platform in Nigeria. But are cryptocurrencies allowed in Nigeria. I used to think that the law prohibits the trading of cryptocurrencies and therefore the government cannot give a license to a cryptocurrency trading company.

Is Cryptocurrency Legal In Nigeria?

Binance will not establish a company for cryptocurrency trading for one country, but rather a Binance company for Africa, and it may be based in South Africa or Nigeria.

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Quote from: Charles-Tim on June 20, 2023, 09:38:58 AM

To understand it better, read the content on this link: https://www.mariblock.com/nigeria-sec-warns-against-binance/

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

“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.”

I've read through the entire article and still can't find the answer asked by the OP; it's just the saying about the name being registered based on their expectations for Binance to come and have a physical office in Nigeria. Apart from the name being registered, was there actually a physical office anywhere in Nigeria? That's what I actually wanted to find out in the article.

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Quote from: Z390 on June 20, 2023, 09:29:07 AM

Is it true that there is a Binance Nigeria Limited company based in Lagos Nigeria? I read where CZ said that it's a scam organization, that they are just aware of it's existence in the country? Nigerians on here can anyone confirm if this is a fact?

It's now I am even thinking about the possibility that scammers can make this happen, a exchange company that's very popular can be run in another location where there was no services from the original exchange and make it look like it's still the same company, I have heard such stories before.

It's less of an accusation directly at this company, although who knows what "extracurricular" activity this local entity got up to, and more of a swipe at Binance as a whole which is getting targeted worldwide by almost every regulator. They cannot go after the larger company, only attempt to take a cut by targeting this smaller subsidiary that was setup to handle operations in a single country. It's a common setup for most major multinational organizations and you are likely confused with "scam" and "fraudulent" which have widely different contexts. They might be committing fraud by not adhering to the laws of the country, but otherwise be operating reasonably legitimately, but scam implies that there is nothing real about the operation when they are fairly successful at offering trading / exchange services.

Topic: CZ called Binance Nigeria scam entity (Read 318 times)