CZ called Binance Nigeria scam entity - page 2.

o48o

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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.”

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.

Z390

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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.”

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.

Ojima-ojo

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Everything is possible on the internet and this is one of such case, and to avoid being a victim of such a scam then you need to make adequate research into the platform before trusting them most especially when it comes to subsidiaries.

Copyright can be easily possible and at that, if you have a subsidiary of a company in your region, you must have to check whether their license is covered and mentioned in the headquarter, I know the Binance exchange you talked about will be an unlicensed entity.

Hispo

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Nothing new under the sun. There will always be entities and companies in foreign countries which wish to capitalize off the fame and reputation of successful brands. In the case, Binance.

It reminds me the case if the Duff beer from the Simpsons animated series, many brewers in Latin American countries have used the name of the beer to promote their own, to the point that the copyright holders of the series got forced to move some lawsuits and trademark registration. Even though they never intended to sell their own beer in the first place.

Needless to say that copyright and trademark have more importance in some countries than others.

kryptqnick

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Copyright law is not actively enforced in some countries, which allows companies to effectively be imposers of big companies without facing serious consequences. Perhaps that's why Binance can't put an end to that company, I don't know. Or maybe the company doesn't exist on paper, so there's nobody to sue here.
As Bitcoin is pretty popular in Nigeria, I hope people are careful enough to check if this Binance has anything to do with the actual Binance, but that's very unfortunate and people can fall victims, unfortunately.

Eternad

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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?

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.

Most likely this company is scam a like even they are still not scamming anyone for now because legit business will not use a popular brand name without permission. This is a clear sign of malicious business and using this services is very risky. It’s clear that Binance Nigeria is impersonating and leeching the Binance popularity.

I’m not from Nigeria but I assume most of its user mistook it as local branch of Binance that’s why they use it.

Faisal2202

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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?

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.

Charles-Tim

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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.”

crwth

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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 of making 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.

You are thinking of making a Binance Nigeria scam entity? Making it happen? Are you serious? Why would you even try to run and make it happen? Haven't you thought of those who have been scammed before? Do you want it to happen to people?

Nwada001

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.When in Economics? Why not move this to our local board where you can see Nigerian who can testify to it, since the topic is mainly concerned about Nigeria

Z390

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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.

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