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Cryptocurrency exchange Binance has recently restricted 281 accounts of Nigerian users, citing user security and fraud prevention as reasons.
Following the measures, the exchange addressed its Nigerian users in a letter where Binance CEO Changpeng ‘CZ’ Zhao apologized for recent delays in resolving customer support requests in the country.
In the letter, ‘CZ’ said to his customers:
“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 added:
“Some 281 Nigerian accounts have been affected by these personal account restrictions with approximately 38% of these cases restricted at the request of international law enforcement.”
The CEO then explained Binance’s strategy in helping its Nigerian customers regain trust in the exchange, highlighting that Binance is “ensuring speedy resolutions of ongoing user cases tied to account restrictions,” stressing:
“Currently, we have resolved 79 cases and continue to work through others. All non-law enforcement-related cases will be resolved within two weeks.”
In the communications to the customers, Binance also committed to “more customer service personnel to the region, with a great understanding of the Nigerian market.”