Binance freezes nearly 300 Nigerian accounts in compliance with AML regulations

A troubled crypto exchange Binance has announced the freezing of 281 Nigerian personal accounts for anti-money laundering purposes.

"Nigeria and Africa have been incredibly unique markets for us and for crypto," stated Binance CEO Changpeng Zhao (CZ) in a statement.

CZ added: “First and foremost, we are sorry for the inconvenience caused by delays in resolving your customer support requests. User security remains our top priority.”

As a result, KYC, anti-money laundering safeguards, law enforcement collaboration, and account limits are in place to protect our community and prevent fraud.

Binance announced that 281 Nigerian accounts were prohibited, with 38% restricted due to requests from international law enforcement.

The crypto exchange says it has addressed 79 cases and will finish the rest in two weeks.

Binance also promised better customer service and risk agents familiar with the Nigerian market.

By fLEXI tEAM