We restricted 281 Nigerian accounts in 2022 – Binance

Binance has disclosed that it restricted 281 accounts belonging to Nigerians in 2022 due to money laundering concerns.

In a statement published on Binance’s website, the cryptocurrency exchange platform disclosed that its team visited Nigeria twice in the fourth quarter, conducting comprehensive law enforcement training sessions for officials of the Economic and Financial Crimes Commission.

Binance said 30 investigators attended each full-day session which gave the Nigerian anti-graft agency a detailed overview of its operations. They also claimed they trained Nigerian law enforcement on the intricacies of exchanges in the digital asset ecosystem.

Binance also expressed its eagerness to continue positive interactions, aiming to contribute to the prosperity of every Nigerian through ongoing collaboration and support for the nation’s fintech evolution.

The statement read; 

“During these sessions, various case studies were presented, including those involving suspects from Nigeria. The positive feedback received from Nigerian investigators underscored their strong desire to sustain this cooperative format.

“Binance’s financial crime compliance teams processed 626 information requests related to Nigeria or from local law enforcement agencies between June 2020 and February 2024.

“The Nigeria Police Force, the Economic and Financial Crimes Commission, and INTERPOL Nigeria were among the many organisations that benefited from the information we supplied in their efforts to combat crimes ranging from money laundering, kidnapping, extortion, and scams.

“We worked closely with the authorities to safeguard users from illegal activity in a well-publicised action that occurred in January 2022, restricting 281 accounts that belonged to Nigerian residents because of worries about money laundering.

“Operating alongside established global players like Binance is deemed vital for the cohesive growth of this ecosystem, fostering a supportive environment for dynamic local startups.”