Binance restricts 281 Nigerian accounts – demanding international law apply.

Binance has restricted Nigerian user accounts. CEO Zhang Pengzhao cited user security and fraud prevention, explaining that “nearly 38% of these cases are restricted at the request of international law enforcement.” 281 Nigerian Accounts Restricted by Binance, CEO Says 79 of Cases Resolved Binance has sent a message to its Nigerian users.

In the letter, Binance CEO Changpeng Zhao apologized for the inconvenience caused by the delay in resolving customer support requests. Acknowledging that “user security” remains his exchange’s top priority, Zhao elaborated: “Protection mechanisms such as KYC, anti-money laundering measures, cooperation with law enforcement, and account restrictions are in place to ensure our community remains protected and prevent fraudulent activity. This is a global approach applied in every country.”

The CEO added: Some 281 Nigerian accounts have been affected by these restrictions on personal accounts, with approximately 38 percent of these cases being restricted at the request of international law enforcement agencies. Chow proceeded to highlight what Binance is doing to rebuild trust in Nigerian society. First, he said that Binance “ensures quick resolution of ongoing user cases related to account restrictions,” noting: At present, we have resolved 79 cases and continue to work through others.

All non-law enforcement related cases will be resolved within two weeks. Another area being addressed is “dedicating more customer service staff to the region.” “We will devote more CS and risk factors with a great understanding of the Nigerian market,” Zhao stressed.

Recently, some Nigerian users of Binance launched a campaign to boycott the platform and freeze their accounts. "Sometimes, we proactively restrict accounts to protect users' funds. Other times, we have to restrict accounts at the request of law enforcement."

But we will not restrict accounts without good reason.” The cryptocurrency exchange is facing scrutiny in a number of jurisdictions around the world, including Pakistan, Canada, the United States, the United Kingdom, South Africa, Australia, Norway, the Netherlands, Hong Kong, Germany, Italy, India, Malaysia, Singapore, Turkey and Lithuania. In August, Binance said it was making regulatory compliance a top priority.

The company is moving from a decentralized to a centralized business model, as it pivots from a technology company to a financial services company. Source- Crypto Exchange Binance Restrictions 281 Nigerian Accounts — Some Requested by International Law Enforcement – ​​Exchanges Bitcoin News