Cheap lithium ion battery SMOKE
First of all: DONT'USE IT!

There is no completely safe way to reuse it. You should definitely dispose of it. The way you can dispose of it depends on your local regulations.

In some countries there are specific services which can be used to dispose of dangerous waste. You should contact your local recycling center/office and ask for specific advice.

In the meantime, keep it away from anything that can catch fire. To avoid the consequences of an explosion, you should lock it in a robust container made of non-flammable material. Don't keep it inside your house. Don't keep it where it can be exposed to extreme temperatures.