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Binance Implements Measures Against 281 Nigerian Accounts In 2022
Binance Implements Measures Against 281 Nigerian Accounts In 2022....KINDLY READ THE FULL STORY HERE▶
Binance, the world’s largest cryptocurrency exchange, has reported the restriction of 281 Nigerian accounts in 2022 due to concerns related to money laundering. In an official statement released on its website, the exchange highlighted its collaboration with the Federal Government to combat illicit activities and protect users.
The announcement comes on the heels of Binance’s recent decision to halt naira-to-dollar exchange services following a dispute with Nigerian authorities, who accused the platform of manipulating the country’s foreign exchange rate.
Binance revealed that its team visited Nigeria twice in the fourth quarter, conducting extensive law enforcement training sessions for officials from the Economic and Financial Crimes Commission (EFCC). These sessions, attended by over 30 investigators each, provided a comprehensive overview of the exchange’s operations and educated Nigerian law enforcement on the intricacies of the digital asset ecosystem. The positive feedback from Nigerian investigators emphasized their keen interest in sustaining this cooperative format.
The exchange’s financial crime compliance teams processed 626 information requests related to Nigeria or from local law enforcement agencies between June 2020 and February 2024. Organizations such as the Nigeria Police Force, EFCC, and INTERPOL Nigeria benefitted from the information provided, aiding their efforts to combat various crimes, including money laundering, kidnapping, extortion, and scams.
Binance also conducted a three-hour online workshop for 70 EFCC officials in August 2023, focusing on interpreting the exchange’s operational responses and optimizing collaboration.
Acknowledging Nigeria’s thriving fintech ecosystem, Binance anticipates that nearly half of all investments in Africa from 2019 to 2023 will be directed to the country. The exchange deems collaboration with regulators and law enforcement crucial for the cohesive growth of the ecosystem, emphasizing the need to partner with top-tier entities with a proven track record.
Looking ahead, Binance expressed 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.
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Source: Bushradiogist
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