The Binance exchange has taken another step forward by resolving 79 of the 281 Nigerian users' accounts that it had previously suspended.
Furthermore, Binance has said emphatically that the remaining accounts will be resolved in the coming days. Furthermore, the exchange will provide a comprehensive settlement and simpler solutions to all non-law enforcement-related situations that were inadvertently touched.
“We've settled 79 instances so far, and we're still working on the rest. All matters that are not linked to law enforcement will be addressed within two weeks.”
At the request of international law enforcement, Binance placed the limitation to bolster its platform security and fraud prevention mechanism.
These personal account limitations have impacted 281 Nigerian accounts. On the request of foreign law enforcement, about 38% of these instances were prohibited.
Furthermore, Binance CEO Changpeng Zhao (CZ) has apologised for any difficulty that the account limitation may have caused, emphasising that user security is his top concern. Furthermore, CZ noted that Binance has implemented security measures including as KYC, anti-money laundering measures, and engagement with law enforcement to guarantee that its ecosystem is well protected.
Binance will continue to grow its cryptocurrency trading platform and portfolio in Nigeria by restoring user confidence. The exchange is attempting to foster crypto market investment and this crypto synergy by committing a significant portion of its customer service (CS) workers to Nigeria. "We will devote additional CS and risk agents with a superior grasp of the Nigerian market," he added.