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Binance CEO responds to the Nigerian cryptocurrency trader's outcry

Changpeng Zhao letter

Binance CEO Changpeng Zhao has responded to the Nigerian crypto trader community's outcry over their binance account being restricted.

There has been an outcry on Twitter by the Nigerian crypto community aggressively calling out the leading crypto exchange platforms with different complaints from restricting traders' accounts to permanent suspending. 


However, the company CEO Changpeng Zhao in his letter to Nigerians apologized for the inconvenience caused by delays in resolving customer support requests. On the company's website, he claims that the platform restricted the personal accounts of some Nigerian users to comply with anti-money laundering regulations and ensure the security of the platform for traders.

"The Nigerian community brings me great pride. Since the inception of Binance, Nigeria and Africa at large have been very special markets to us and for crypto" said Changpeng Zhao.

" 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."

CEO claim that 281 Nigerian accounts have been affected by these personal account restrictions with approximately 38% of these case restricted at the request of international law enforcement.

The platform reassures the Nigerian community that Binance is working hard to attend to all customer service requests, 79 of accounts restricted cases has been resolved.

"All non-law enforcement-related cases will be solved within two weeks, " said Changpeng Zhao.

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