Cryptocurrency giant Binance restricts 281 Nigerian accounts
Binance, the world's largest cryptocurrency exchange, has restricted the personal accounts of 281 Nigerian users, citing a need to comply with international money laundering laws, its CEO said.
Changpeng Zhao said in a letter to Nigerian customers dated Jan. 29 that the decision to restrict some personal accounts was to ensure user safety while more than a third of the affected accounts were restricted at the request of international law enforcement.
"Currently, we have resolved 79 cases and continue to work through others. All non-law enforcement-related cases will be resolved within two weeks," Changpeng Zhao said.
Despite a central bank ban, Nigerians have continued to turn to cryptocurrencies for business, to protect their savings as the naira currency loses value, and to send payments abroad because it is often hard to obtain U.S. dollars locally.
(Reuters) Binance, the world's largest cryptocurrency exchange, wants to expand in Russia and neighbouring states where it sees prospects for new regulations that will boost its business, an executive said.
Russian politicians have pressed for a change of tack by the central bank, which has proposed restricting cryptocurrency trading and mining because of concerns it may cause financial instability. They say it should instead regulate a business which could draw in more tax revenues.
President Vladimir Putin has called for the central bank to find a consensus on how to deal with the cryptocurrency business, which central banks and regulators around the globe have been grappling with.
"Our goal is to obtain a licence and conduct legal business where the regulation allows," Binance Eastern European Director Gleb Kostarev told Reuters, adding that his company hoped for a progressive
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