Changpeng Zhao, Chief Executive Officer of Binance, cryptocurrency exchange platform, has revealed that the 281 Nigerian accounts were restricted due to suspicion on fraud-related activities.
Recall that #BinanceStopScammingNigerians was trending on Twitter last week, as many Nigerians voice out on how their accounts were suspended and restricted.
However, the CEO in a statement titled, ‘A letter from our CEO to Nigerians: Our commitment to user protection’, at the weekend, stated that some of the accounts were restricted to prevent fraud-related activities.
The statement read, “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.
“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.
“As such, 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.
“Some 281 Nigerian accounts have been affected by these personal account restrictions with approximately 38 per cent of these cases restricted at the request of international law enforcement.
“Regardless, we owe it to you, our users, to deliver the experience you deserve. Your trust in us is important — and here’s what we’re doing to rebuild that trust:
“Ensuring speedy resolutions of ongoing user cases tied to account restrictions: Currently, we have resolved 79 cases and continue to work through others. All non-law enforcement-related cases will be resolved within two weeks.
“Devoting more customer service personnel to the region: We will dedicate more CS and risk agents with a great understanding of the Nigerian market.
