{"id":62110,"date":"2022-01-31T09:01:48","date_gmt":"2022-01-31T09:01:48","guid":{"rendered":"https:\/\/www.cryptocabaret.com\/?p=62110"},"modified":"2022-01-31T09:01:48","modified_gmt":"2022-01-31T09:01:48","slug":"crypto-exchange-binance-restricts-281-nigerian-accounts-some-requested-by-international-law-enforcement","status":"publish","type":"post","link":"https:\/\/www.cryptocabaret.com\/?p=62110","title":{"rendered":"Crypto Exchange Binance Restricts 281 Nigerian Accounts \u2014 Some Requested by International Law Enforcement"},"content":{"rendered":"

\"Crypto<\/p>\n

Cryptocurrency exchange Binance has restricted 281 Nigerian user accounts. Citing user security and fraud prevention, CEO Changpeng Zhao explained that \u201capproximately 38% of these cases [are] restricted at the request of international law enforcement.\u201d
<\/strong><\/p>\n

281 Nigerian Accounts Restricted by Binance, CEO Says 79 Cases Have Been Resolved<\/h2>\n

Cryptocurrency exchange Binance has sent a letter to its Nigerian users. In the letter, Binance CEO Changpeng Zhao (CZ) apologized for the inconvenience caused by delays in resolving customer support requests.<\/p>\n

Noting that \u201cUser security\u201d remains his exchange\u2019s top priority, Zhao detailed: \u201cProtection 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.\u201d The CEO added:<\/p>\n

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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.<\/p>\n<\/blockquote>\n

Zhao proceeded to highlight what Binance is doing to rebuild trust in the Nigerian community.<\/p>\n

Firstly, he said that Binance is \u201cEnsuring speedy resolutions of ongoing user cases tied to account restrictions,\u201d noting:<\/p>\n

\n

Currently, we have resolved 79 cases and continue to work through others. All non-law enforcement-related cases will be resolved within two weeks.<\/p>\n<\/blockquote>\n

Another area that is being addressed is \u201cDevoting more customer service personnel to the region.\u201d Zhao stressed, \u201cWe will dedicate more CS and risk agents with a great understanding of the Nigerian market.\u201d<\/p>\n

Recently, some Nigerian users of Binance launched a campaign<\/a> boycotting the platform for freezing their accounts. \u201cAt times, we proactively restrict accounts to protect users\u2019 funds. Other times, we have to restrict accounts at the request of law enforcement. But never will we restrict accounts without good reason,\u201d Binance said last week.<\/p>\n

The cryptocurrency exchange has been facing scrutiny in a number of jurisdictions worldwide, including Pakistan, Canada, the U.S., U.K., South Africa, Australia, Norway, Netherlands, Hong Kong, Germany, Italy, India, Malaysia, Singapore, Turkey, and Lithuania.<\/p>\n

In August, Binance said it is making regulatory compliance a top priority. The company is moving from a decentralized business model to a centralized one, as it pivots from a technology company to a financial services company.<\/p>\n

What do you think about Binance restricting 281 Nigerian accounts? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

Cryptocurrency exchange Binance has restricted 281 Nigerian user accounts. Citing user security and fraud prevention, CEO Changpeng Zhao explained that \u201capproximately 38% of these cases [are] restricted at the request of international law enforcement.\u201d 281 Nigerian Accounts Restricted by Binance, CEO Says 79 Cases Have Been Resolved Cryptocurrency exchange Binance has sent a letter to […]<\/p>\n","protected":false},"author":2,"featured_media":62111,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[309],"tags":[],"class_list":["post-62110","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/62110","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=62110"}],"version-history":[{"count":0,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/62110\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/media\/62111"}],"wp:attachment":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=62110"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=62110"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=62110"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}