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Binance Restricts Nigerian Crypto Accounts on Security Concern

  • 38% of the affected accounts blocked due to international law
  • Nigerians are trading cryptocurrencies despite government ban
Updated on

Binance Holdings Ltd., one of the world’s biggest crypto exchanges, said it restricted the personal accounts of some Nigerian users to comply with anti-money laundering regulations and ensure the security of the platform for traders.

“Protection mechanisms such as know your customer, anti-money laundering measures, collaboration with law enforcement, and account restrictions are in place to ensure our community remains protected,’ the crypto exchange said in a statement on its website. “Some 281 Nigerian accounts have been affected by these personal account restrictions, with approximately 38% of these cases restricted at the request of international law enforcement,” it said.