Binance suspends 281 Nigerian accounts to comply with AML measures

World’s largest crypto exchange by trading volume Binance has suspended more than 200 personal accounts of users residing in Nigeria to observe Anti-Money Laundering (AML) regulations, Reuters was the first to report Sunday.

In a letter dated January 29, Binance CEO Changpeng Zhao (CZ) briefly apologized for the inconvenience caused by delays in resolving customer support requests. He further noted that the exchange has restricted some 281 Nigerian accounts, more than a third of which were restricted at the request of international law enforcement authorities.

Citing user safety concerns, the letter read:

“…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.”

Nigerian users recently filed several complaints on Binance after failing to initiate or complete transactions via the platform. In an attempt to resolve the matter, CZ stated that the exchange will now ensure speedy resolutions of ongoing user cases and allocate more customer service personnel to the region.

Last year, Nigeria banned financial institutions from engaging in crypto-related activities and ordered them to suspend the accounts of users that deal in cryptocurrencies. Later in October, the central bank launched its own CBDC eNaira, making it the first African country to do so.

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