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Crypto giant Binance restricts 281 Nigerian accounts -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – Binance app can be seen on a smartphone. Illustration taken July 13, 2021. REUTERS/Dado Ruvic/Illustration

LAGOS, (Reuters) – Binance, the biggest cryptocurrency exchange on the planet, said that 281 Nigerian users have been barred from accessing their personal accounts. The CEO of Binance stated that this was to ensure compliance with anti-money laundering laws.

Changpeng Zhao wrote to Nigerian clients on Jan. 29, stating that the intention to limit some personal accounts was for user safety, while over a third were subject to international law enforcement.

We have already resolved 79 cases, and we are continuing to investigate other cases. Changpeng Zhao promised that non-law enforcement cases would be solved within two weeks.

Nigerians are still using crypto to do business, protect their savings, send money abroad, and avoid the difficulty of getting U.S. dollar locally.

(This story refiles in order to add the company name to the headline

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