A Letter to Nigerians From Binance CEO

A few days ago, Nigerians accused the cryptocurrency exchange Binance of unjustly suspending their accounts for no apparent reason, which we covered here. According to the CEO of Binance, who wrote a letter to Nigerians, the cryptocurrency market is booming.

Dear Nigerian Binancians,

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.

Rest assured, we are working hard to attend to all customer service requests

Thank you for your continued support and patience.

CZ

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