Binance, the world’s largest cryptocurrency exchange, has suspended 281 Nigerian users’ accounts. CEO Changpeng Zhao says the company did this to safeguard user safety on the platform. He also cited the need to comply with international anti-laundering legislation.

In a letter to Nigerian users, Zhao said Binance had several mechanisms in place to ensure the security of transactions on its platform. These include Know-Your-Customer, anti-money laundering measures, collaboration with law enforcement, and account restrictions.

He further stated that these personal account restrictions affected about 281 Nigerian accounts. Also, international law enforcement requested the restriction of about 38% of those accounts.

But, Zhao says it has resolved 79 of those cases. It also promised to resolve all pending issues that are not linked to law enforcement within two weeks. He further pledged to devote more customer service personnel and risk agents to understanding the Nigerian market.

Meanwhile, many Nigerian Binance traders have complained about this development on Twitter. Some have alleged that there have been significant abnormalities in their wallets. They say this has caused serious losses on their investments due to the current drop in the value of crypto...more..https://alabiansolutions.com/blog/binance-suspends-nigerian-accounts-over-security-concerns/