Founder and chief executive office of Binance, Changpeng Zhao (CZ), has disclosed the reasons over 280 Nigerian cryptocurrency account holders were suspended from the platform.
In a statement titled, “Our commitment to User Protection”, Zhao explained that the suspension is part of international law enforcement to crack down on fraudulent activities.
Several Nigerians had taken to micro-blogging site, Twitter to lament the unwarranted restrictions that were placed on their accounts. Many used the hashtag #Binanceisscam, #BinancestopscammingNigerians, #Binancescam, to air their grievances.
However, Zhao explained that “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”.
“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”, the statement added.