Binance restricts Nigerian crypto accounts on security concern

Hundreds of Binance users in Nigeria had their accounts restricted, on grounds of compliance with anti-money laundering and security regulations. — REUTERS/File Photo

Binance Holdings Ltd., one of the world’s biggest crypto exchanges, said it restricted the personal accounts of some Nigerian users to comply with anti-money laundering regulations and ensure the security of the platform for traders.

"Protection mechanisms such as know your customer, anti-money laundering measures, collaboration with law enforcement, and account restrictions are in place to ensure our community remains protected,’ the crypto exchange said in a statement on its website.