Binance, the leading cryptocurrency exchange, has revealed that it took action against 281 Nigerian accounts in 2022 over concerns of money laundering. The exchange, in a statement published on its website, disclosed its collaboration with the Federal Government to safeguard users from illicit activities.
This announcement comes shortly after Binance’s decision to halt naira-to-dollar exchange services, following a dispute with Nigerian authorities who accused the platform of manipulating the country’s foreign exchange rate.
Highlighting its commitment to combating financial crimes, Binance conducted comprehensive law enforcement training sessions in Nigeria, with over 30 investigators attending each session.
These sessions aimed to educate Nigerian officials on the complexities of digital asset exchanges and included case studies involving Nigerian suspects.
Moreover, Binance’s financial crime compliance teams processed 626 information requests related to Nigeria between June 2020 and February 2024, assisting local law enforcement agencies in combating various crimes such as money laundering, kidnapping, extortion, and scams.
The exchange also organised a three-hour online workshop for 70 officials from the Economic and Financial Crimes Commission (EFCC) in August 2023, focusing on interpreting Binance’s operational responses and optimising collaboration.
Binance acknowledged Nigeria’s burgeoning fintech ecosystem, expecting nearly half of all investments in Africa from 2019 to 2023 to flow into the country. The exchange emphasised the importance of collaboration with regulators and law enforcement to accelerate financial technology adoption.
Looking forward, Binance expressed its commitment to continuing positive interactions and supporting Nigeria’s prosperity through ongoing collaboration and assistance to the nation’s fintech sector.
