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January 31, 2022

Report: Binance Restricting Almost 300 Nigerian Accounts

Binance, one of the world’s largest cryptocurrency exchanges, has explained why 281 Nigerian users’ accounts have been suspended.

Changpeng Zhao, the company’s CEO, wrote in a letter that 38 percent of the impacted accounts had been banned at the request of international law enforcement.

Multiple consumers of the Binance worldwide exchange had expressed their dissatisfaction on social media. Some Nigerian users complained that they were unable to access their accounts for no apparent reason offered by the exchange.

With over 25,000 tweets on Wednesday, #BinanceStopScammingNigerians was the third most popular topic on Nigerian Twitter. On Thursday, the trend continued with almost 10,000 tweets.

Zhao intimated that some of the accounts had been banned to avoid fraud-related activity in his answer headed “A letter from our CEO to Nigerians: Our commitment to user protection,” dated Saturday, January 29.

Accord“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,” according to the letter.

“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.

He went on to say that, notwithstanding, they owe it to their consumers to provide them the experience they deserve, highlighting their faith in them, and here’s what they’re doing to earn it back:

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Ensure quick resolutions of ongoing user cases including account restrictions: they’ve already resolved 79 cases and are working on more. 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: They will assign more CS and risk agents that are well-versed in the Nigerian market.