#BinanceTurns8

Binance has been the subject of lawsuits and challenges from regulatory authorities throughout its history. As a result, Binance has been banned from operating or ordered to cease operations in some countries, and has been issued fines. BEP-20 is a token standard on the Binance Smart Chain (BSC), based on ERC-20 from Ethereum. It defines rules for token transfers, ownership, and approvals within the BSC ecosystem. In June 2023, Nigeria's Securities and Exchange Commission recently deemed Binance's activities in the country as "illegal". It issued a declaration stating that Binance Nigeria Limited, a subsidiary of Binance, was operating unlawfully in the country. The regulator specifically instructed Binance to cease all its activities within Nigeria.