One of the world’s biggest crypto exchanges, Binance Holdings has restricted the private crypto accounts of some Nigerian users to consent to anti-money laundering regulations and to make sure that the security of the platform is tight for traders.
“Protection mechanisms such as know your customer (KYC), anti-money laundering measures, collaboration with law enforcement, and account restrictions are all in place to make sure that our community remains safe”, Binance Holdings said in a statement on its website.
“Some 281 Nigerian accounts have been affected by these personal account restrictions, with approximately 38% of these cases being restricted on request by the International Law Enforcement”, the statement read.
A lot of Nigerian trading crypto on the Binance platform complained recently of the inability to complete or start transactions. Binance users from West African nations have faced difficulties trading crypto since the Central Bank of Nigeria told lenders not to transact in cryptocurrencies and ordered that digital currency traders close down accounts.
Despite the ban of cryptocurrencies in Nigeria, Nigerians continued to use virtual currencies to sideline against inflation and the dip in naira, and also to transmit or send money. Individuals in the country hold the world’s largest portion of such assets per capita, based on the survey by Statista.
Binance has settled 79 of the 281 account restriction cases and further plans to arrange more customer service personnel and risk agents to hasten the resolution process. Binance said, “All non-law enforcement-related cases will be resolved within two days”.
Binance Suspends 281 Nigerian Crypto Accounts
