One of the largest crypto currency exchanges in the World, Binance has placed a ban on over 200 Nigerian accounts in accordance with anti-money laundering policies to protect the integrity of it users.
The agency has integrated protection mechanisms on their website such as anti-money laundering measures, Know your customers and account restrictions to ensure the protection of its community.
About 281 Nigerian accounts have been affected by these personal account restrictions, with 38% of these restricted at the request of international law enforcement it stated.
Myriads of complaints have been brought to fore by Nigerians users who are been fraught with the challenge of not been able to initiate and complete transaction on the platform.
The Nigerian government and Central Bank of Nigeria have however stated categorically that all Nigerians should abrogate any form of transaction with Binance and further urged Nigerians to close all accounts.
The crypto currency agency has resolved almost 80 percent of the over all accounts restrictions and has put measures in the pipeline to deploy more and efficient customer service personnel and to quickens the resolution process.
All non-law enforcement related cases will be resolved within two weeks.
Nevertheless, Nigerians still use virtual currencies to hedge against inflation and the slide in the Naira.