The largest cryptocurrency exchange, Binance, has said it restricted 281 accounts belonging to Nigerians in 2022 due to money laundering concerns
The exchange said it also collaborated with the Federal Government to protect users from illicit activity.
This information was disclosed in a statement published on its website on Wednesday.
A few weeks ago, Binance announced its decision to stop naira-to-dollar exchange services following a fallout with Nigerian authorities, who had accused the platform of manipulating the country’s foreign exchange rate.
The exchange mentioned that its team visited Nigeria twice in the fourth quarter, conducting comprehensive law enforcement training sessions for officials of the Economic and Financial Crimes Commission.
With over 30 investigators in attendance for each full-day session, Binance said it provided a detailed overview of its operations, training Nigerian law enforcement on the intricacies of exchanges in the digital asset ecosystem.
“During these sessions, various case studies were presented, including those involving suspects from Nigeria. The positive feedback received from Nigerian investigators underscored their strong desire to sustain this cooperative format, the platform noted.
“Binance’s financial crime compliance teams processed 626 information requests related to Nigeria or from local law enforcement agencies between June 2020 and February 2024.
“The Nigeria Police Force, the Economic and Financial Crimes Commission, and INTERPOL Nigeria were among the many organisations that benefited from the information we supplied in their efforts to combat crimes ranging from money laundering, kidnapping, extortion, and scams,” it said.
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