Binance Restricts 281 Nigerian Accounts Citing Safety Measure

key takeaways

Binance has restricted 281 Nigerian-based personal accounts
Of those, around a third have been restricted at the request of international law enforcement.

Binance, the world’s largest crypto exchange by trade volume, has restricted 281 personal Nigerian accounts with more than a third being at the behest of law enforcement.

In a letter on Saturday, Binance CEO Changpeng “CZ” Zhao said user security remained Binance’s “top priority” before citing that anti-money laundering measures and account restrictions were in place.

Around 79 other cases that were facing restrictions have been resolved while all non-law enforcement-related cases are expected to be resolved within two weeks. More Binance personnel are being deployed to expedite the matter CZ said.

Of the 281 accounts, 38% have been restricted at the request of international law enforcement, the letter said.

Loading Tweet..

Last week, users began complaining of issues on Twitter revolving around Nigerian-based Binance accounts. #Binancestopscammingnigerians was seen trending before CZ responded with the letter.

In February of last year, Binance briefly suspended deposits in Nigerian naira following orders from the country central bank for local banks to close accounts linked to various cryptocurrency platforms.

Crypto is seen by many in the 190 million-strong population of Nigeria as a means to circumvent monetary controls and to serve the underbanked or unbanked. Crypto exchanges have, for quite a while, offered up a means to transact peer-to-peer at a time when more than half in the country are unbanked.

Get the news in your inbox. Explore Blockworks newsletters:

Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
Empire: Start your morning with the top news and analysis to inform your day in crypto.
Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
The Drop: For crypto collectors and traders, covering apps, games, memes and more.
Supply Shock: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.