Binance CEO, Changpeng “CZ” Zhao has revealed in a letter that some 281 Nigerian accounts have been affected by its ongoing actions to ensure sanity on the world’s largest crypto exchange platform. He added that approximately 38% of these cases restricted at the request of international law enforcement.
Changpeng “CZ” Zhao letter to Nigeria users:
The Nigerian community is one that brings me great pride. Since the inception of Binance, Nigeria and Africa at large have been very special markets to us and for crypto. On hearing the concerns raised by the community, I decided to write to re-emphasize our commitment to you.
First and foremost, we are sorry for the inconvenience caused by delays in resolving your customer support requests. User security remains our top priority. 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. This is a global approach applied in every country.
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.
Regardless, we owe it to you, our users, to deliver the experience you deserve. Your trust in us is important — and here’s what we’re doing to rebuild that trust:
- Ensuring speedy resolutions of ongoing user cases tied to account restrictions: Currently, we have resolved 79 cases and continue to work through others. All non-law enforcement-related cases will be resolved within two weeks.
- Devoting more customer service personnel to the region: We will dedicate more CS and risk agents with a great understanding of the Nigerian market.
CZ has become one of the richest people on Earth, CNN reported. Changpeng “CZ” Zhao, who runs the crypto exchange Binance, has joined the ranks of the world’s top billionaires, with an estimated net worth of at least $96.5 billion, according to new calculations from the Bloomberg Billionaires Index.