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  • NEWS
    Chief Kefas Ropshik Unveils the Kefiano Creative Hub

    Chief Kefas Ropshik Unveils the Kefiano Creative Hub

    LemFi Suspends Operations in Ghana

    LemFi Suspends Operations in Ghana

    Fez Delivery Expands Operations to the UK

    Fez Delivery Expands Operations to the UK

    Jos DevFest 2023 Unveils Exciting Developments in the Google Developer Group Ecosystem

    Jos DevFest 2023 Unveils Exciting Developments in the Google Developer Group Ecosystem

    Nigeria Empowers Youths: Launches 3MTT to Tackle unemployment

    Nigeria Empowers Youths: Launches 3MTT to Tackle unemployment

    Old Naira Notes Removal Deadline Extended Beyound December

    Old Naira Notes Removal Deadline Extended Beyound December

  • FEATURED
    Based on The Metric of Naira Against The Dollar, Bosun is Right-Retnan Daser

    Based on The Metric of Naira Against the Dollar, Bosun is Right-Retnan Daser

    How Code Plateau’s Demise Will Impact Tech Talent Development in Plateau State

    How Code Plateau’s Demise Will Impact Tech Talent Development in Plateau State

    Resurgence of Innovation: The Revamp of Tech Startups in Jos, Plateau State.

    Resurgence of Innovation: The Revamp of Tech Startups in Jos, Plateau State.

    Nigeria’s Cash Swap Policy: Goals versus Results

    Nigeria’s Cash Swap Policy: Goals versus Results

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

  • BLOCKCHAIN
    Binance now accepts Naira Deposits and Withdrawals

    Binance now accepts Naira Deposits and Withdrawals

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Is Africa Ready to Operate a Digital Monetary Policy?

    Is Africa Ready to Operate a Digital Monetary Policy?

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    PLA2SMART Set to Lead a New Frontier in Nigeria’s Tourism Economy

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

  • FINANCE
    CBN prohibits Foreign Banks from Offering Banking Services

    CBN prohibits Foreign Banks from Offering Banking Services

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    Flutterwave gets Switching and Processing licence from CBN

    Flutterwave gets Switching and Processing licence from CBN

    Google Expands its Digital Wallet to South Africa

    Google Expands its Digital Wallet to South Africa

    FCCPC Orders Drawdown of Online Credit Companies

    FCCPC Orders Drawdown of Online Credit Companies

  • START UPS
    Fez Delivery Expands Operations to the UK

    Fez Delivery Expands Operations to the UK

    Bolt launches Accelerator Den Program with €25,000 Investment in 20 Drivers

    Bolt launches Accelerator Den Program with €25,000 Investment in 20 Drivers

    Paystack to cut off on Operations Outside Africa and Layoff Some Staff

    Paystack to cut off on Operations Outside Africa and Layoff Some Staff

    AltSchool Secures $3 Million Crowdfund and Gains Financial Aid from Rwanda

    AltSchool Secures $3 Million Crowdfund and Gains Financial Aid from Rwanda

    Startup Futurescool To Partner With Institutions in Nigeria As It Sets To Lunch Revolutionary Online Education Program

    Startup Futurescool To Partner With Institutions in Nigeria As It Sets To Lunch Revolutionary Online Education Program

    JOBJACK Secures $2.5 Million Series A to Support Expansion in SA

    JOBJACK Secures $2.5 Million Series A to Support Expansion in SA

  • PODCAST
CRESTHUB
  • NEWS
    Chief Kefas Ropshik Unveils the Kefiano Creative Hub

    Chief Kefas Ropshik Unveils the Kefiano Creative Hub

    LemFi Suspends Operations in Ghana

    LemFi Suspends Operations in Ghana

    Fez Delivery Expands Operations to the UK

    Fez Delivery Expands Operations to the UK

    Jos DevFest 2023 Unveils Exciting Developments in the Google Developer Group Ecosystem

    Jos DevFest 2023 Unveils Exciting Developments in the Google Developer Group Ecosystem

    Nigeria Empowers Youths: Launches 3MTT to Tackle unemployment

    Nigeria Empowers Youths: Launches 3MTT to Tackle unemployment

    Old Naira Notes Removal Deadline Extended Beyound December

    Old Naira Notes Removal Deadline Extended Beyound December

  • FEATURED
    Based on The Metric of Naira Against The Dollar, Bosun is Right-Retnan Daser

    Based on The Metric of Naira Against the Dollar, Bosun is Right-Retnan Daser

    How Code Plateau’s Demise Will Impact Tech Talent Development in Plateau State

    How Code Plateau’s Demise Will Impact Tech Talent Development in Plateau State

    Resurgence of Innovation: The Revamp of Tech Startups in Jos, Plateau State.

    Resurgence of Innovation: The Revamp of Tech Startups in Jos, Plateau State.

    Nigeria’s Cash Swap Policy: Goals versus Results

    Nigeria’s Cash Swap Policy: Goals versus Results

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

  • BLOCKCHAIN
    Binance now accepts Naira Deposits and Withdrawals

    Binance now accepts Naira Deposits and Withdrawals

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Is Africa Ready to Operate a Digital Monetary Policy?

    Is Africa Ready to Operate a Digital Monetary Policy?

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    PLA2SMART Set to Lead a New Frontier in Nigeria’s Tourism Economy

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

  • FINANCE
    CBN prohibits Foreign Banks from Offering Banking Services

    CBN prohibits Foreign Banks from Offering Banking Services

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    Flutterwave gets Switching and Processing licence from CBN

    Flutterwave gets Switching and Processing licence from CBN

    Google Expands its Digital Wallet to South Africa

    Google Expands its Digital Wallet to South Africa

    FCCPC Orders Drawdown of Online Credit Companies

    FCCPC Orders Drawdown of Online Credit Companies

  • START UPS
    Fez Delivery Expands Operations to the UK

    Fez Delivery Expands Operations to the UK

    Bolt launches Accelerator Den Program with €25,000 Investment in 20 Drivers

    Bolt launches Accelerator Den Program with €25,000 Investment in 20 Drivers

    Paystack to cut off on Operations Outside Africa and Layoff Some Staff

    Paystack to cut off on Operations Outside Africa and Layoff Some Staff

    AltSchool Secures $3 Million Crowdfund and Gains Financial Aid from Rwanda

    AltSchool Secures $3 Million Crowdfund and Gains Financial Aid from Rwanda

    Startup Futurescool To Partner With Institutions in Nigeria As It Sets To Lunch Revolutionary Online Education Program

    Startup Futurescool To Partner With Institutions in Nigeria As It Sets To Lunch Revolutionary Online Education Program

    JOBJACK Secures $2.5 Million Series A to Support Expansion in SA

    JOBJACK Secures $2.5 Million Series A to Support Expansion in SA

  • PODCAST
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Binance CEO Writes to Nigerian Users over Account Allegations

by Nuel Umahi
January 30, 2022
in BLOCKCHAIN, News
Reading Time: 4 mins read
0
Binance CEO Writes to Nigerian Users over Account Allegations
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On Wednesday, the 26th of January, 2022, Binance – blockchain ecosystem and cryptocurrency exchange platform was accused of blocking the accounts of Nigerians.

This however led to many accusing the exchange of blocking accounts for weeks and months without any feedback or reason given by the exchange.

Furthermore, it became the third trending topic on the mini blog site, Twitter with over 25,000 tweets and on Thursday, the 27th of January, it was amongst the top 5 with over 10,000 tweets, going with the hashtag, #BinanceStopScamming.

Responding to all these allegations Binance’s CEO, Changpeng Zhao (CZ), in his letter, titled, “Our commitment to User Protection”, directed to Nigerian users, stated that, “User security remains top priority of Binance”.

He further added in his letter, “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.”

The letter from CZ comes after the Binance Africa team, led by Emmanuel Babalola, the African director of the exchange platform, Damilola Odufuwa, the PR lead for Binance Africa and Ben Nsikan, the community manager for Binance Africa, hosted a Ask Me Anything (AMA) session on YouTube, where the team set out to address various issues that have been raised around social media, particularly about the world’s global exchange, locking accounts of its African users, particularly its Nigerian users and the Nigerian market.

Emmanuel Babalola, the African director of the exchange, in the AMA session hosted by Binance, explained that approximately 200 people filled out the forms the exchange put out on social media.

He further stated that 30% of the alleged blocked accounts were related to stolen cryptocurrencies and were cases with law enforcement agencies, while 70% were general issues related to know your customer (KYC) requirements.

Also, the letter by CZ gave more updates on the recorded accounts, stating that 281 Nigerian accounts have been affected by these personal account restrictions with approximately 38% of these cases restricted at the request of international law enforcement.

CZ also revealed that 79 cases have been resolved and will, “continue to work through others.” He said that all non-law enforcement-related cases will be resolved within two weeks.

Asides the letter, CZ still tendered an apology via a tweet saying, “Not perfect, but transparent. Apologies of the inconvenience. And thank you for your support and understanding!”

Following the ban on cryptocurrencies by Nigeria’s apex financial institution, the Central Bank of Nigeria (CBN), many Nigerians have been forced to partake in the crypto market via Peer-to-peer (P2P) exchanges, telegram groups and WhatsApp groups, where buyers and sellers alike come together to exchange tokens for cash.

These methods, although serving as alternatives, is still relatively flawed as there is a high crime rate as it largely depends on trust.

This has been a major trend with the users experiencing issues with the exchange as they have in one shape or form bought coins off the exchange and tried trading them on the exchange.

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