Crypto Exchange Binance Restricts 281 Nigerian Accounts — Some Requested by International Law Enforcement

Cryptocurrency speech Binance has restricted 281 Nigerian idiosyncratic accounts. Citing idiosyncratic information and fraud prevention, CEO Changpeng Zhao explained that “approximately 38% of these cases [are] restricted astatine the petition of planetary instrumentality enforcement.”

281 Nigerian Accounts Restricted by Binance, CEO Says 79 Cases Have Been Resolved

Cryptocurrency speech Binance has sent a missive to its Nigerian users. In the letter, Binance CEO Changpeng Zhao (CZ) apologized for the inconvenience caused by delays successful resolving lawsuit enactment requests.

Noting that “User security” remains his exchange’s apical priority, Zhao detailed: “Protection mechanisms specified arsenic KYC, anti-money laundering measures, collaboration with instrumentality enforcement, and relationship restrictions are successful spot to guarantee our assemblage remains protected and that fraudulent enactment is prevented. This is simply a planetary attack applied successful each country.” The CEO added:

Some 281 Nigerian accounts person been affected by these idiosyncratic relationship restrictions with astir 38% of these cases restricted astatine the petition of planetary instrumentality enforcement.

Zhao proceeded to item what Binance is doing to rebuild spot successful the Nigerian community.

Firstly, helium said that Binance is “Ensuring speedy resolutions of ongoing idiosyncratic cases tied to relationship restrictions,” noting:

Currently, we person resolved 79 cases and proceed to enactment done others. All non-law enforcement-related cases volition beryllium resolved wrong 2 weeks.

Another country that is being addressed is “Devoting much lawsuit work unit to the region.” Zhao stressed, “We volition dedicate much CS and hazard agents with a large knowing of the Nigerian market.”

Recently, immoderate Nigerian users of Binance launched a campaign boycotting the level for freezing their accounts. “At times, we proactively restrict accounts to support users’ funds. Other times, we person to restrict accounts astatine the petition of instrumentality enforcement. But ne'er volition we restrict accounts without bully reason,” Binance said past week.

The cryptocurrency speech has been facing scrutiny successful a fig of jurisdictions worldwide, including Pakistan, Canada, the U.S., U.K., South Africa, Australia, Norway, Netherlands, Hong Kong, Germany, Italy, India, Malaysia, Singapore, Turkey, and Lithuania.

In August, Binance said it is making regulatory compliance a apical priority. The institution is moving from a decentralized concern exemplary to a centralized one, arsenic it pivots from a exertion institution to a fiscal services company.

What bash you deliberation astir Binance restricting 281 Nigerian accounts? Let america cognize successful the comments conception below.

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