Cryptocurrency Exchange Binance Restricts 281 Accounts of Nigerian Users

Binance, one of the largest cryptocurrency exchanges in the world, has confirmed the restriction of several Nigerian accounts. According to the details shared by the company, 281 accounts were affected by the latest personal account restrictions.

Binance explained that approximately 38% of the mentioned accounts were restricted at the request of international law enforcement authorities. While the company has already resolved 79 cases, it is still working on others to find a solution. The cryptocurrency exchange outlined that all non-law enforcement-related cases will be resolved within the next two weeks.

In a letter to Nigerian users, Changpeng Zhao, the CEO of Binance, outlined the importance of user security and mentioned that the company is devoted to its Nigerian community.

“Protection mechanisms such as KYC, anti-money laundering measures, collaboration with law enforcement, and account restrictions are in place to ensure our community remains protected, and that fraudulent activity is prevented. This is a global approach applied in every country. Some 281 Nigerian accounts have been affected by these personal account restrictions with approximately 38% of these cases restricted at the request of international law enforcement,” Zhao said.

Binance and Africa

Due to a jump in the adoption of cryptocurrency assets across Africa, Binance has increased its presence in the region. The digital asset trading platform recently announced the sponsorship of AFCON 2021 and highlighted that the company has provided free crypto education classes to over 541,000 Africans in the last two years.

With growing scrutiny related to cryptocurrency assets around the world, Binance has increased its KYC requirements to protect clients worldwide including Nigeria.

“Devoting more customer service personnel to the region: We will dedicate more CS and risk agents with a great understanding of the Nigerian market. Rest assured, we are working hard to attend to all customer service requests,” Zhao added.