Business

Read Why Binance Accounts Were Restricted In Nigeria

Binance, a cryptocurrency exchange platform, has disclosed why the accounts of 281 Nigerian customers were banned.
Changpeng Zhao, the company’s CEO, stated in a statement that the restriction of 38 accounts was based on foreign law enforcement requests.

Some Binance global exchange users have taken to social media to express their dissatisfaction.

Some Nigerian users complained that they were unable to access their accounts for no apparent reason from the platform.

With over 25,000 tweets, #BinanceStopScamming was the third most popular topic on Nigerian Twitter on Wednesday.

Zhao issued a statement in response to the news, titled “A letter from our CEO to Nigerians: Our Commitment to User Protection.”

“The Nigerian community is one that gives me great pride,” the letter stated. Nigeria, and Africa in general, have been particularly unique markets for us and for crypto since the beginning of Binance. After hearing the community’s worries, I wanted to write to reaffirm our commitment to you.

“First and foremost, we apologize for any difficulty caused by the time it took us to respond to your customer service requests. The safety of our users is still our top priority. We care for and adore our Nigerian community, but we also need to keep our users safe. As a result, safeguards like as Know Your Customer (KYC), anti-money laundering procedures, engagement with law enforcement, and account limits are in place to keep our community safe and prevent fraudulent behavior. This is a global strategy that is implemented in every country.

“These personal account limitations have affected 281 Nigerian accounts, with around 38% of these cases prohibited at the behest of international law enforcement.”

“Regardless, we owe it to you, our users, to provide you with the best possible experience. Your faith in us is critical, and here’s what we’re doing to earn it back:

“Ensuring quick resolutions of ongoing user cases involving account restrictions: We’ve already addressed 79 cases and are working on the rest.” All cases that are not related to law enforcement will be addressed within two weeks.

“More customer service and risk agents will be sent to the region: We will assign more CS and risk agents that are well-versed in the Nigerian market.”

Leave a Reply

Back to top button