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Binance blocks accounts of 281 Nigerian users

 


To comply with securities laws, crypto exchange Binance has had to restrict the accounts of 281 Nigerian users. CEO Changpeng “CZ” Zhao promises clarification.


Binance CEO has announced that the crypto exchange has restricted 281 personal accounts of Nigerian users. It should be about compliance with international money laundering laws. The criminal potential of cryptocurrencies is a constant source of debate and remains a major driver of the application and enforcement of securities laws.


Binance CEO Changpeng “CZ” Zhao wrote to Nigerian customers that the decision to suspend some personal accounts was for user safety. However, more than a third of the affected accounts have been blocked at the request of international law enforcement agencies. In order to restore Nigerian users' trust, Zhao highlighted what Binance is now doing.


We have currently resolved 79 cases and are working on more cases. We resolve all non-enforcement cases within two weeks


, so Binance-Chef.


Binance popular in Nigeria for payments

Despite the Central Bank ban, Nigerians continue to use cryptocurrencies for their businesses. On the one hand, they want to protect their savings. Because the national currency Naira suffers from immense inflation. In addition, cryptocurrencies are a tried and tested means for the population to send payments abroad. US dollars are not easy to obtain everywhere in the country.


Binance has released a statement on the recent events. Restricted users who saw themselves in the wrong even called for a boycott of the platform. In its FAQ section , Binance states that whenever they need to restrict an account, they will only do so if requested to do so by law enforcement.


Sometimes users buy cryptocurrencies outside of Binance's P2P platform. Then these coins are sent to them on Binance. If these coins are coins, we will have to place restrictions on both accounts until the case is resolved



, Binance explains the procedure. Due to regulatory difficulties around the globe, Binance has made it a priority to work closely with the authorities.

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