One of the world’s largest cryptocurrency exchanges Binancehas confirmed that several Nigerian users have their accounts restricted. According to the details shared by the company, from the last personal account restrictions 281 users affected.
Binance announced that about 38% of the accounts in question were restricted at the request of international law enforcement. The company is currently 79 event Although it has resolved it, it still continues to work for unresolved cases. The cryptocurrency exchange stated that all non-law enforcement related cases will be resolved within the next two weeks.
“We have now resolved 79 cases and are continuing to work on others. All non-law enforcement related incidents will be resolved within two weeks.”
Binance CEO Changpeng ZhaoIn his article for Nigerian users, he emphasized the importance of user security and stated that the company is committed to the Nigerian crypto community.
“Protection mechanisms such as KYC, anti-money laundering measures, cooperation with law enforcement, and account restrictions are in place to ensure our community is protected and fraudulent activities are prevented. This is a global approach implemented in every country. 281 Nigerian accounts were affected by these personal account restrictions, and about 38% of these cases were restricted at the request of international law enforcement.”
Binance and Africa
Africa Due to the increase in the adoption of crypto assets across the country, Binance has increased its presence in the region. The digital asset platform recently AFCON 2021 and highlighted that the company has provided free crypto education classes to more than 541,000 Africans over the past two years.
With the growing scrutiny of crypto assets worldwide, Binance is looking to protect customers worldwide, including Nigeria. KYC increased their requirements.