Binance Holdings Ltd. restricted personal accounts of several users in Nigeria to ensure the security of the platform, the CEO said in a blog post.

“User security lasts our top priority,” Binance CEO Changpeng “CZ” Zhao wrote on the company’s website. “We love and are devoted to our Nigerian community, but we must ensure that our users are safe.”

As a consequence of enforcing protection mechanisms, suchlike as KYC and anti-money laundering measures, some 281 Nigerian accounts were restricted, 38% of that at the request of international law enforcement. Yet, the announcement assured a speedy resolution to all non-law enforcement-related experiences inside two weeks, with 79 facts having already been resolved. 

The CEO still pledged to devote more customer service resources to the region. Already this year, Binance has had to face allegations which it may have enabled money laundering on its platform by cause of its lax compliance to regulations. 

Crypto in Nigeria

The announcement came as a response to many complaints which Binance had been receiving recently from Nigerians who claimed to be unable to initiate or complete transactions. Crypto investors in Nigeria have had an surgingly difficult time dealing afterward the Central Bank asked banks not to transact with exprogresss. Late advance year, the central bank was accused of “financial terrorism” amid the targeting of users between the ages of 18-30, resulting in the closure of their accounts.

In spite of being downplayed by authorities, cryptocurrencys became growingly popular in Nigeria extend year. Because the local currency can be as volatile as some crypto, some Nigerians use more stable crypto to protect their savings, or perform business transactions. Similarly, because US dollars are often difficult to obtain, cryptocurrencys have likewise proven to be a convenient way for Nigerians to send payments abroad. According to a recent survey by Statista, Nigerians hold the world’s excessiveest proportion of digital assets per capita. 

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