Cryptocurrency exchange Binance has actually limited 281 Nigerian user accounts. Citing user security and scams avoidance, CEO Changpeng Zhao described that “approximately 38% of these cases [are] restricted at the request of international law enforcement.”
281 Nigerian Accounts Restricted by Binance, CEO Says 79 Cases Have Been Resolved
Cryptocurrency exchange Binance has actually sent out a letter to its Nigerian users. In the letter, Binance CEO Changpeng Zhao (CZ) excused the hassle triggered by hold-ups in fixing consumer assistance demands.
Noting that “User security” stays his exchange’s leading concern, Zhao detailed: “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.” The CEO included:
Some 281 Nigerian accounts have actually been impacted by these individual account constraints with around 38% of these cases limited at the demand of global police.
Zhao continued to highlight what Binance is doing to restore rely on the Nigerian neighborhood.
Firstly, he stated that Binance is “Ensuring speedy resolutions of ongoing user cases tied to account restrictions,” keeping in mind:
Currently, we have actually fixed 79 cases and continue to resolve others. All non-law enforcement-related cases will be fixed within 2 weeks.
Another location that is being resolved is “Devoting more customer service personnel to the region.” Zhao stressed out, “We will dedicate more CS and risk agents with a great understanding of the Nigerian market.”
Recently, some Nigerian users of Binance introduced a project boycotting the platform for freezing their accounts. “At times, we proactively restrict accounts to protect users’ funds. Other times, we have to restrict accounts at the request of law enforcement. But never will we restrict accounts without good reason,” Binance stated recently.
The cryptocurrency exchange has actually been dealing with examination in a variety of jurisdictions worldwide, consisting of Pakistan, Canada, the U.S., U.K., South Africa, Australia, Norway, Netherlands, Hong Kong, Germany, Italy, India, Malaysia, Singapore, Turkey, and Lithuania.
In August, Binance stated it is making regulative compliance a leading concern. The business is moving from a decentralized service design to a central one, as it rotates from an innovation business to a monetary services business.
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