Crypto exchange giant Binance restricts 281 Nigerian accounts

Binance has restricted the personal accounts of 281 Nigerians due to a need to comply with international money laundering laws, according to its CEO Changpeng Zhao.

In a letter to Nigerian customers dated Jan. 29, Changpeng noted that the decision to restrict some personal accounts was to ensure user safety. He added that over a third of the affected accounts were restricted at the request of international law enforcement

Changpeng noted that Binance, the world's largest cryptocurrency exchange, has resolved 79 cases and continues to work through others, vowing to resolve all non-law enforcement-related cases within two weeks.

Despite a central bank ban, Nigerians have turned to crypto to protect their savings as the naira loses value, and to send payments abroad as it is often hard to locally obtain US dollars.