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Home Cryptocurrency

Binance has restricted 281 Nigerian cryptocurrency accounts

Tech Gist Africa by Tech Gist Africa
02/04/2022
in Cryptocurrency, News - West Africa, Regulation
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Accounts of 281 Nigerian customers have been restricted by Binance, the world’s largest cryptocurrency exchange.

The company’s CEO, Changpeng Zhao, cited the necessity to comply with international money laundering regulations in order to safeguard the security of the platform for traders.

In a letter to Nigerian customers dated January 29, Changpeng Zhao stated that the decision to block some personal accounts was made to ensure user safety, with more than a third of the accounts impacted being restricted at the request of international law enforcement.

“To guarantee our community is secured, protection methods such as know your customer, anti-money laundering measures, coordination with law authorities, and account limits are in place,” the crypto exchange stated in a statement on its website.

“These personal account limitations have impacted 281 Nigerian accounts, with about 38 percent of these cases prohibited at the request of international law enforcement,” it stated.

“We’ve settled 79 cases so far, and we’re still working on the others. All cases that are not related to law enforcement will be settled within two weeks “Changpeng Zhao expressed his thoughts.

Although the central bank of Nigeria has prohibited the use of cryptocurrency, Nigerians have continued to use it for business, to preserve their savings as the naira’s value has declined, and to transfer payments internationally as it is often difficult to obtain US dollars in the country.

There have been complaints from a number of Nigerians transacting on the Binance platform about difficulties initiating or concluding trades.

 

Read more on Tech Gist Africa:

Nigeria lifts its ban on Twitter following the company’s compliance with government demands

Binance, a cryptocurrency exchange, has signed a deal with Dubai World Trade Centre

The Zimbabwean Central Bank is looking into creating its own digital currency instead of cryptocurrency

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