Binance Restricts 281 Nigerian Accounts

Daniel Attoe
Daniel Attoe

Updated · May 13, 2022

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Binance announced it restricted the cryptocurrency accounts of 281 Nigerian-based accounts.

“Commitment to User Protection”

Binance, one of the world’s biggest crypto exchanges, says that it restricted 281 accounts owned by Nigerian users. The restrictions were placed on the accounts in a bid to prevent fraud and ensure user security, CEO Changpeng Zhao explained.

In a letter addressed to Nigerian Binance users, Zhao expressed his regret for the inconveniences caused. However, he reiterated the exchange’s commitment to protecting its users.

“User security remains our top priority. We love and are devoted to our Nigerian community, but we must ensure that our users are safe,” he wrote. 

He continued, “As such, protection mechanisms such as KYC, anti-money laundering measures, collaborations 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.”

Of the 281 accounts, the chief executive pointed out that over a third were flagged by international law enforcement agencies. He set a two-week deadline to resolve all the other cases and pledged a larger customer care presence.

“Currently, we have resolved 79 cases and continue to work through others. All non-law enforcement-related cases will be resolved within two weeks.”

According to a report, Binance considers Nigeria the top ranker among countries leading crypto adoption. Despite the Central Bank restrictions, more people in the country continue to turn to crypto in the face of falling confidence in the Naira.

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Daniel Attoe

Daniel Attoe

Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.

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