GoldenNewsNG
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us
No Result
View All Result
Golden News
No Result
View All Result

Binance CEO Reveals Why Nigerian Accounts Are Being Blocked

Enudi Golden by Enudi Golden
January 11, 2024
in Featured, Headline, Technology, World News
Reading Time: 2 mins read
Binance CEO Reveals Why Nigerian Accounts Are Being Blocked
21
SHARES
Advertisements

Binance CEO Reveals Why Nigerian Accounts Are Being Blocked

 

GoldenNewsNg reports that Binance’s CEO and Asia’s richest man, Changpeng Zhao (CZ), has written a letter, addressing its Nigerian users titled, “Our commitment to User Protection.”

READ ALSO

FG Increases Scholarship Grants, Launches New ₦6 Billion Scheme for Medicine, Vocational Studies – Apply Now

Apply Now: Lagos State Reopens Scholarship Portal for 2024/2025

The letter from CZ, GoldenNewsNg  understands, comes after the Binance Africa team, led by Emmanuel Babalola, the African director of the exchange, Damilola Odufuwa, the PR lead for Binance Africa and Ben Nsikan, the community manager for Binance Africa, hosted a Ask Me Anything (AMA) session on YouTube, where the team set out to address various issues that have been raised around social media, particularly about the world’s global exchange, locking accounts of its African users, particularly its Nigerian users.

In CZ’s letter, he stated, “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.”

Backstory

On Wednesday, GoldenNewsNg  reported that there were complaints on social media by multiple users of the Binance global exchange, accusing the exchange of blocking accounts for weeks and months without any feedback or reason given by the exchange

It was the third trending topic on Twitter with over 25,000 tweets on Wednesday. On Thursday, it was also among the top 5 with over 10,000 tweets, going with the hashtag, #BinanceStopScamming.

Emmanuel Babalola, the African director of the exchange, in the AMA session, explained that approximately 200 people filled out the forms the exchange put out on social media. He stated that 30% of the alleged blocked accounts were related to stolen cryptocurrencies and were cases with law enforcement agencies, while 70% were general issues related to KYC requirements.

What you should know

In the letter, CZ gave an update on the cases stating that 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.

CZ also revealed that 79 cases have been resolved and will, “continue to work through others.” He also stated that all non-law enforcement-related cases will be resolved within two weeks.

Asides from the letter, CZ also went ahead to tweet, “Not perfect, but transparent. Apologies of the inconvenience. And thank you for your support and understanding!”
Bottomline

Many Nigerians, due to the ban on cryptocurrencies by the apex bank, the Central Bank of Nigeria (CBN), have been forced to participate in the market through P2P exchanges, telegram groups and WhatsApp groups, where buyers and sellers alike come together to exchange tokens for cash. These methods, although an alternative, is still relatively flawed as there is a high crime rate as it largely depends on trust.

This has been a major trend with the users experiencing issues with the exchange as they have in one shape or form bought coins off the exchange and tried trading them on the exchange

📢 JOIN OUR WHATSAPP GROUP 📢 JOIN OUR TELEGRAM CHANNEL
Previous Post

Latest Dollar To Naira Exchange Rate Today 30th January 2022

Next Post

NPower News : NASIMS Gives Update On Failed October And November Stipends

Related Posts

FG Increases Scholarship Grants, Launches New ₦6 Billion Scheme for Medicine, Vocational Studies – Apply Now

FG Increases Scholarship Grants,

The Federal Government of Nigeria has announced an increase in scholarship grants across all academic levels and introduced two new...

Read moreDetails

Apply Now: Lagos State Reopens Scholarship Portal for 2024/2025

Apply: Lagos State Scholarship Reopened for 2023/2024 and 2024/2025

Good news for Lagos State students! The Lagos State Scholarship Board (LSSB) has officially reopened its portal for scholarship applications...

Read moreDetails

Kano Govt Announce Recruitment for Biomedical Engineers

Kano Govt Announce Recruitment for Biomedical Engineers

The Kano State Hospitals Management Board, with the approval of His Excellency Alhaji Abba Kabir Yusuf, has announced job openings...

Read moreDetails

Digital Skills for Women in Business 4.0 – Apply Now for Free Training 

Digital Skills for Women in Business 4.0 – Apply Now for Free Training 

Boost Your Business: Free Digital Skills Training for Women Entrepreneurs in Lagos Boost Your Business: Free Digital Skills Training for...

Read moreDetails

Petrol Prices Fall as Importers Challenge Dangote Refinery with Cheaper Fuel

Petrol Prices Fall as Importers Challenge Dangote Refinery with Cheaper Fuel

Petrol Prices Fall as Importers Challenge Dangote Refinery with Cheaper Fuel A fresh wave of competition is shaking up Nigeria’s...

Read moreDetails

SMEDAN Launches Solar-Powered Fashion Hub in Abuja for Just N500 Daily

SMEDAN Launches Solar-Powered Fashion Hub in Abuja for Just N500 Daily

SMEDAN Launches Solar-Powered Fashion Hub in Abuja for Just N500 Daily If you’re a fashion designer or tailor looking for...

Read moreDetails

NPHCDA Opens Recruitment for Local Government Vaccine Accountability Officers

NPHCDA Opens Recruitment for Local Government Vaccine

NPHCDA Opens Recruitment for Local Government Vaccine Accountability Officers The National Primary Health Care Development Agency (NPHCDA) has announced the...

Read moreDetails

FG Announces Key Changes in Education Funding Process – links disbursement of UBEC fund to state performance 

FG links disbursement of UBEC fund to state performance 

FG Announces Key Changes in Education Funding Process - links disbursement of UBEC fund to state performance   The Federal Government is...

Read moreDetails

FG Gives Fresh Update On 2025 Police Recruitment

2025 Police Recruitment

The Federal Government has shared a fresh update on the much-anticipated 2025 police recruitment exercise, giving Nigerians a clearer picture...

Read moreDetails

Teachers Recruitment: Bayelsa Releases Shortlist Update, Confirms Payment of Salary Arrears

Teachers Recruitment: Bayelsa Releases Shortlist Update, Confirms Payment of Salary Arrears

Teachers Recruitment: Bayelsa Releases Shortlist Update, Confirms Payment of Salary Arrears If you're one of the many applicants waiting to...

Read moreDetails
Load More
Next Post
NPower News : NASIMS Gives Update On Failed October And November Stipends

NPower News : NASIMS Gives Update On Failed October And November Stipends

SEARCH ADS

Latest Posts

FG Increases Scholarship Grants,
Education

FG Increases Scholarship Grants, Launches New ₦6 Billion Scheme for Medicine, Vocational Studies – Apply Now

Apply: Lagos State Scholarship Reopened for 2023/2024 and 2024/2025
Education

Apply Now: Lagos State Reopens Scholarship Portal for 2024/2025

Kano Govt Announce Recruitment for Biomedical Engineers
Headline

Kano Govt Announce Recruitment for Biomedical Engineers

Digital Skills for Women in Business 4.0 – Apply Now for Free Training 
business

Digital Skills for Women in Business 4.0 – Apply Now for Free Training 

Petrol Prices Fall as Importers Challenge Dangote Refinery with Cheaper Fuel
business

Petrol Prices Fall as Importers Challenge Dangote Refinery with Cheaper Fuel

SMEDAN Launches Solar-Powered Fashion Hub in Abuja for Just N500 Daily
business

SMEDAN Launches Solar-Powered Fashion Hub in Abuja for Just N500 Daily

NPHCDA Opens Recruitment for Local Government Vaccine
Headline

NPHCDA Opens Recruitment for Local Government Vaccine Accountability Officers

FG links disbursement of UBEC fund to state performance 
Education

FG Announces Key Changes in Education Funding Process – links disbursement of UBEC fund to state performance 

2025 Police Recruitment
Headline

FG Gives Fresh Update On 2025 Police Recruitment

Teachers Recruitment: Bayelsa Releases Shortlist Update, Confirms Payment of Salary Arrears
Headline

Teachers Recruitment: Bayelsa Releases Shortlist Update, Confirms Payment of Salary Arrears

© 2024 Golden News

  • About Us
  • Advertise with Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms And Conditions
No Result
View All Result
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us

© 2024 Golden News