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

ASUU Gears Up for Nationwide Protests, Strike Threat Looms

FG to Begin Forest Guards Recruitment, Up to 5,000 Officers Per State

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

ASUU Gears Up for Nationwide Protests, Strike Threat Looms

ASUU protests 2025,

Academic activities in Nigeria’s universities may soon be disrupted, as lecturers prepare for nationwide protests across branches. GoldenNewsNg gathered that...

Read moreDetails

FG to Begin Forest Guards Recruitment, Up to 5,000 Officers Per State

Forest Guards Recruitment,

The Federal Government has begun the process of recruiting thousands of forest guards across the country as part of efforts...

Read moreDetails

Tinubu Announces New Subsidy, Gives Other Details

President Tinubu Approves Subsidy on Kidney Dialysis, Slashes Cost to ₦12,000 — See List of Hospitals

President Tinubu Approves Subsidy on Kidney Dialysis, Slashes Cost to ₦12,000 — See List of Hospitals President Bola Tinubu has...

Read moreDetails

₦2m Grant Up for Grabs: Grooming Endowment Trust Calls Nigerian Startups to Apply

Grooming Endowment Trust - GETAccelerate 2025

Grooming Endowment Trust Opens 4th Cohort for Nigerian Startups Small business owners and startup founders in Nigeria have another shot...

Read moreDetails

IBB @84: Don’t relent in your prayers for Nigeria- Gen. Babangida urges Christians, Muslims

  CAN Representatives visit to Gen. IBB ... Says Nigeria’s existence lies in your hands   BY OUR REPORTER NIGERIA’S former...

Read moreDetails

Naira Slips Against Dollar in Both Official and Black Markets — Here’s the Latest Rates

Naira Slips Against Dollar in Both Official and Black Markets

The naira started the new trading week on a weaker note, slipping against the United States dollar in both the...

Read moreDetails

Is NELFUND a Loan or Free Educational Support from FG? Here is the Truth

Is NELFUND a Loan or Free Educational Support from FG

As thousands of Nigerian students begin applying for the Nigerian Education Loan Fund (NELFUND), one key question keeps coming up:...

Read moreDetails

NELFUND Disburses ₦238.9m to Niger Delta University Students

NELFUND Issues New Guidelines on Student Loan Upkeep Disbursement

The Nigerian Education Loan Fund (NELFUND) has released a total of ₦238.91 million to support students of Niger Delta University...

Read moreDetails

Nigerian Senators Earn Enough to Pay 4,700 Professors – Salary Breakdown Revealed

Nigerian Senators Earn Enough to Pay 4,700 Professors

A fresh report has revealed that Nigeria spends about ₦2.354 billion every month on the salaries and office costs of...

Read moreDetails

FG Launches BETA Cash Transfers, Free Technical College Tuition, STEMM Grants (₦22,500 Stipends)

FG Launches BETA Cash Transfers

The Federal Government has unveiled the Basic Education Transformation Agenda (BETA), a wide-ranging reform programme aimed at improving school enrollment,...

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

NELFUND Issues New Guidelines on Student Loan Upkeep Disbursement
Education

NELFUND Issues New Guidelines on Student Loan Upkeep Disbursement

Tinubu Under Pressure to Declare August 21 Public Holiday
News

Tinubu Under Pressure to Declare August 21 Public Holiday — See Why

ASUU protests 2025,
Education

ASUU Gears Up for Nationwide Protests, Strike Threat Looms

Wema Bank Begins Activating YEIDEP Accounts for Applicants
Jobs

Wema Bank Begins Activating YEIDEP Accounts for Applicants

Forest Guards Recruitment,
Headline

FG to Begin Forest Guards Recruitment, Up to 5,000 Officers Per State

President Tinubu Approves Subsidy on Kidney Dialysis, Slashes Cost to ₦12,000 — See List of Hospitals
Headline

Tinubu Announces New Subsidy, Gives Other Details

Grooming Endowment Trust - GETAccelerate 2025
business

₦2m Grant Up for Grabs: Grooming Endowment Trust Calls Nigerian Startups to Apply

Headline

IBB @84: Don’t relent in your prayers for Nigeria- Gen. Babangida urges Christians, Muslims

Naira Slips Against Dollar in Both Official and Black Markets
business

Naira Slips Against Dollar in Both Official and Black Markets — Here’s the Latest Rates

Is NELFUND a Loan or Free Educational Support from FG
Education

Is NELFUND a Loan or Free Educational Support from FG? Here is the Truth

© 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