Binance restricts 281 Nigerian crypto accounts to ‘prevent fraud’

Binance, one of the largest cryptocurrency exchanges in the world, says it restricted the accounts of 281 Nigerian users to prevent fraudulent activities and ensure the security of its platform.

There have been complaints on social media by multiple users of the exchange platform, especially Nigerians.

They alleged that they have been deprived of access to their Binance accounts without any explanation.

Reacting to the reports, Changpeng Zhao, Binance’s chief executive officer, in a letter dated January 29 and addressed to Nigerians, said 38 percent of the affected accounts were restricted at the request of international law enforcement.

“The Nigerian community is one that brings me great pride. Since the inception of Binance, Nigeria and Africa at large have been very special markets to us and for crypto. On hearing the concerns raised by the community, I decided to write to re-emphasize our commitment to you,” the statement, posted on its website, reads.

“First and foremost, we are sorry for the inconvenience caused by delays in resolving your customer support requests. User security remains our top priority.

“We love and are devoted to our Nigerian community, but we must ensure that our users are safe.