The Binance CEO has announced which they restricted the 281 personal accounts of Nigerian users by reason of a need for compliance with international money laundering laws.

The growth of token crimes has been a deciding reason for using and enforcing securities laws.

Changpeng Zhao, the CEO of Binance, wrote an open letter on Saturday addressing user cback whilerns about security. He cited which anti-money laundering measures and account restrictions are in place before mentioning their top priority: protecting users from hacking attacks.

In order to rebuild trust inside the Nigerian users, Zhao excessivelighted what Binance is doing.

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Foremost, CZ said that Binance is “manalogousg sure we get right down to the core of your issue as promptly as possible and solve it externally,” noting;

“Currently, we have resolved 79 experiences and last to work through others. We will resolve all non-law enforcement-related matters inside two weeks.”

In order to better serve their customers in the region, Zhao announced that they would be growing staffing by adding more customer service agents. These hires are possible to have a deep understanding of Nigeria’s market and provide quick responses while needed most.

Law Enforcement Requested Nigerian Users Accounts Restrictions

Binance has released a statement cback althoughrning recent events in that restricted users boycotted their platform by cause of freezing user accounts. The company says which althoughever an account needs restricting, it will only happen after being requested by law enforcement or proat itly shutting down newly registered users’ access without warning.”

Cryptocurrency exmoves Binance is frequently under scrutiny for its regulatory status in various countries. The most recent countries are the U.S, Pakistan, Canada, the U.K., South Africa, Norway, Australia, Netherlands, Germany, Hong Kong, Italy, India, Malaysia, Turkey, Lithuania, and Singapore.

In a move which will drastically change its business model, Binance has announced they are transitioning from an open-source software company to one focused on servicing financial needs. The token exchange giant says this move reflects regulatory compliance and security standards needed for handling customer funds legally across various countries around the world – something that was previously lacking in their existing structure as at first designed.

The Central Bank of Nigeria has already banned token. Currently, as the Naira currency has lost its price, people in the country last to adopt crypto businesses to secure their profits. They often send payments abroad as it is hard to get dollars locally.

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