Crypto giant Binance restricts 281 Nigerian accounts

The Binance app is seen on a smartphone in this illustration taken July 13, 2021. REUTERS/Dado Ruvic/Illustration

LAGOS, Jan 30 (Reuters) – Binance, the world’s largest cryptocurrency exchange, has restricted the personal accounts of 281 Nigerian users, citing the need to comply with international money laundering laws, its leader said. CEO.

Changpeng Zhao said in a letter to Nigerian customers dated January 29 that the decision to restrict some personal accounts was to ensure user safety, while more than a third of affected accounts were restricted at the request of security forces. international order.

“Currently, we have resolved 79 cases and continue to work on more. All non-law enforcement cases will be resolved within two weeks,” Changpeng Zhao said.

Despite a ban from the central bank, Nigerians have continued to turn to crypto for business, to protect their savings as the naira currency loses value and to send payments overseas as it is often difficult to get US dollars locally. Read more

(This story refiles to add company name to headline)

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Reporting by MacDonald Dzirutwe; Editing by Toby Chopra

Our standards: The Thomson Reuters Trust Principles.

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