Binance Has Restricted 281 Nigerian Accounts

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Binance, the world’s largest cryptocurrency exchange, has restricted the personal accounts of 281 Nigerian users, citing the need to comply with international money laundering laws, according to the CEO of the exchange.

 

Binance, the world’s largest cryptocurrency exchange, has restricted the personal accounts of 281 Nigerian users, citing the need to comply with international money laundering laws, according to the CEO of the company.

 

In a letter to Nigerian customers dated Jan. 29, Changpeng Zhao stated that the decision to restrict some personal accounts was made to ensure user safety, while more than a third of the affected accounts were restricted at the request of international law enforcement.

 

“At the moment, we have resolved 79 cases and are working on others.” “All non-law enforcement cases will be resolved in two weeks,” Changpeng Zhao said.

 

Despite a central bank ban, Nigerians have continued to use cryptocurrency for business, to protect their savings as the naira currency loses value, and to send payments abroad because US dollars are often difficult to obtain locally.