Africa is the hottest market for cryptocurrency. Therefore, Binance becomes exclusive cryptocurrency sponsor of African Cup of Nations.

Emmanuel Babalola, Director Africa Binance recently stated, “2022 is the year for taking crypto mainstream”

Recently, allegations were levelled against Binance by its Nigerian Users.

However, 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.”

Binance Africa expressed:  “Binance CEO @cz_binance pens a letter to Nigerian Binancians as he highlights the company’s dedication to the community and its next steps.”

 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.”

Binance CEO clarified on why they restricted 281 Nigerian accounts.  “Some 281 Nigerian accounts have been affected by these personal account restrictions with approximately 38 per cent of these cases restricted at the request of international law enforcement.  Regardless, we owe it to you, our users, to deliver the experience you deserve. Your trust in us is important — and here’s what we’re doing to rebuild that trust.”

Community Reaction:  Only 281 accounts were affected; however, crypto Twitter was really loud and trending over this.

There is nothing funny about it, today they stole money from them. Tomorrow they will steal from us.

Those 281 are people like you and I. It happened to them today, might happen to you tomorrow. When injustice is done to one and you keep quiet? It always goes round.

“Only”? So, it’s okay for even a single account to be affected?

Apology to be me after stealing my Funds without any explanation, but the so called crypto CEX CEO is apologizing to their customers.  Imagine.

Apologies without doing nothing yet, that’s not apology to me.  If Zenith locks your account abruptly, you can sue them, I’ve learnt a lot in the past few months.  If a company isn’t fully registered in Nigeria, I have nothing to do with them.

Several Nigerians, due to the ban on cryptocurrencies by the apex bank and the Central Bank of Nigeria (CBN) have been forced to participate in the market via the P2P exchanges, telegram groups and WhatsApp groups.  This is where buyers and sellers alike come together to exchange tokens for cash.

These methods despite being an alternative is still relatively flawed as there is a high crime rate as it largely depends on trust.

Stressed Customer:  How can my account be locked for over 2 years and you are asking me to provide my first deposit picture – from the account I deposited from – to show how it was sent.  You people always ask for Impossible things to provide why did you ask for KYC if you were going to stress my life?

I have not had access to my funds for over 2 years, KYC if I’m not mistaking is Know Your Customer. I did that with my documents and when my account had issues instead of you to as for a proof that I own my own account you are asking me to make a movie as a producer

What happens to the locked/frozen assets?  The best they can do is hold the exact amount in BTC or USDT and release the rest in the account to the user but BINANCE is attacking it – it is a people kill – very sad story.

I read your letter.  It is important to do what needs to be done, because when it comes to money laundering & scam, crypto is one of the easiest ways for criminals to get away with their criminal acts.  So, working with law enforcements and with KYC will serve as a protection to our community.

Binance restricted my withdrawal function on my account saying they’re seeing two different faces on the facial verification according to their macro. How is that even possible? That was live capturing on Binance and I was all alone.

Let it be known that @Cz_binance has taken it upon himself to address the Financial Welfare of Nigerians and even more serious than our Old leaders who we elected to do that. More blessings @cz_binanceand long long live @binance@BinanceAfrica@binance_naija

We thank @cz_binance and the @binance team in general for the great work and commitment into this vast industry. The future is bright. We also appreciate from this other side of the world, East Africa.