Jan 31, 2022 07:52 UTC
Feb 1, 2022 at 11:39 UTC
Crypto Exchange Binance Restricts 281 Nigerian Accounts — Some requested by International Law Enforcement
Cryptocurrency exchange Binance has restricted 281 Nigerian user accounts. Citing user security and fraud interference, CEO Changpeng Zhao explained that “approximately 38% of those cases [are] restricted at the request of law social control.”
281 Nigerian Accounts Restricted by Binance, CEO Says 79 Cases are Resolved
Cryptocurrency exchange Binance has sent a letter to its Nigerian users. within the letter, Binance CEO Changpeng Zhao (CZ) apologized for the inconvenience caused by delays in breakdown client support requests.
Noting that “User security” remains his exchange’s prime priority, Zhao detailed: “Protection mechanisms like KYC, anti-money lavation measures, collaboration with enforcement, and account restrictions square measure in situ to make sure our community remains protected which dishonest activity is prevented. this can be a world approach applied in each country.” The CEO added:
Some 281 Nigerian accounts are laid low with these personal account restrictions with roughly thirty eighth of those cases restricted at the request of law social control.
Zhao proceeded to focus on what Binance is doing to build trust within the Nigerian community.
Firstly, he same that Binance is “Ensuring speedy resolutions of current user cases tied to account restrictions,” noting:
Currently, we’ve resolved 79 cases and still run through others. All non-law enforcement-related cases are resolved inside period.
Another space that’s being self-addressed is “Devoting a lot of client service personnel to the region.” Zhao stressed, “We can dedicate a lot of caesium and risk agents with a good understanding of the Nigerian market.”
Recently, some Nigerian users of Binance launched a campaign boycotting the platform for state change their accounts. “At times, we tend to proactively prohibit accounts to safeguard users’ funds. different times, we’ve to limit accounts at the request of enforcement. however ne’er can we tend to prohibit accounts while not sensible reason,” Binance same last week.
The cryptocurrency exchange has been facing scrutiny during a range of jurisdictions worldwide, together with Asian country, Canada, the U.S., U.K., Republic of South Africa, Australia, Norway, The Netherlands, Hong Kong, Germany, Italy, India, Malaysia, Singapore, Turkey, and Lietuva.
In August, Binance same it’s creating regulative compliance a prime priority. the corporate is moving from a suburbanised business model to a centralized one, because it pivots from a technology company to a monetary services