Binance has reported that 281 accounts of Nigerian users were affected by recent restrictions.
The news was confirmed in a later to Nigerian users by the CEO of the company, Changpeng Zhao.
He explained that 38% of these accounts were restricted at the request of international law enforcement authorities.
The crypto exchange has already resolved 79 cases, however, it is still working to find solution for the others. Binance clarified that all non-law enforcement-related cases will be resolved within the next two weeks.
Zhao further outlined in his letter the importance of user security and confirmed the company’s devotion to its Nigerian community.
Protection mechanisms such as KYC, anti-money laundering measures, collaboration with law enforcement, and account restrictions are in place to ensure our community remains protected and that fraudulent activity is prevented. This is a global approach applied in every country.
Some 281 Nigerian accounts have been affected by these personal account restrictions with approximately 38% of these cases restricted at the request of international law enforcement.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.