Binance Restricts Nigerian accounts under AML
The biggest crypto exchange by market cap, Binance Holdings Ltd., announced that it has restricted some of the Nigerian users' personal accounts due to non-compliance with the anti-money laundering (AML) regulations. It says that it is necessary for the security of the platform for investors.
The reason behind Binance restricting Nigerian accounts
There have been multiple instances when Nigerian investors complained about the inability to start or successfully complete the transactions on the Binance platform. Users are facing challenges while trading digital assets since the Central Bank of Nigeria instructed lenders not to have any transactions or relationships with the crypto exchanges. The monetary authority also ordered crypto investors to shut down their accounts on these platforms.The company's CEO and founder Changpeng Zhao who is also known as CZ, wrote a letter to the citizens of the nations which states:
"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."
Solid actions to resolve the issue
Around 281 accounts have been affected by the exchange's actions, with over 38% of those cases are under the effect of international law enforcement, CZ informs.The company said that users' trust is crucial, and it is working on the following to rebuild the trust.
- Ensure quick settlement of ongoing user cases, including account restrictions: Binance has already resolved 79 cases and is working on the rest. The exchange promised that all cases that are not related to law enforcement would be addressed within two weeks.
- More customer service and risk agents will focus on the region: The company is assigning more customer service and risk agents that are well-versed in the Nigerian market.
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