Binance Bans Nigerian Users

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Crypto exchange Binance has suspended 281 accounts of Nigerian traders to prevent money laundering and ensure the security of the platform, the company CEO Changpeng Zhao has said.

According to him, in 38% of cases, restrictions were imposed at the request of international law enforcement agencies.

Binance Africa, in response to user complaints, had earlier published a form that they asked the owners of blocked accounts to fill out to clarify the situation. The company has assured they have not imposed restrictions without reason. Zhao has emphasized:

“Protection mechanisms such as KYC, anti-money laundering measures, cooperation with law enforcement and account restrictions keep our community safe and prevent fraudulent activities. This is a global approach applied in every country.”

He has acknowledged the delays in handling user requests by the support service. According to him, the exchange made positive decisions in 79 cases. All cases not related to law enforcement requests will be considered within two weeks, Zhao has assured.