Binance confirms 281 Nigerian accounts affected by restrictions
Crypto exchange Binance has confirmed that 281 Nigerian accounts have been subject to restrictions. The CEO of the Exchange has explained that approximately 38% of these cases were restricted at the request of international law enforcement.
Currently, Binance has resolved 79 cases and continues to work through others. All non-law enforcement-related cases will be resolved within two weeks, Binance’s CEO says.
Below is the full (unedited) letter by Binance’s CEO:
“Dear Nigerian Binancians,
The Nigerian community is one that brings me great pride. Since the inception of Binance, Nigeria and Africa at large have been very special markets to us and for crypto. On hearing the concerns raised by the community, I decided to write to re-emphasize our commitment to you.
First and foremost, we are sorry for the inconvenience caused by delays in resolving your customer support requests. User security remains our top priority. We love and are devoted to our Nigerian community, but we must ensure that our users are safe. As such, 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.
Regardless, we owe it to you, our users, to deliver the experience you deserve. Your trust in us is important — and here’s what we’re doing to rebuild that trust:
Ensuring speedy resolutions of ongoing user cases tied to account restrictions: Currently, we have resolved 79 cases and continue to work through others. All non-law enforcement-related cases will be resolved within two weeks.
Devoting more customer service personnel to the region: We will dedicate more CS and risk agents with a great understanding of the Nigerian market.
Rest assured, we are working hard to attend to all customer service requests
Thank you for your continued support and patience.
CZ”