According to information released by Binance, 281 Nigerian accounts were blocked in 2022 because of worries about money laundering.
The cryptocurrency exchange platform Binance said in a statement posted on its website that during the fourth quarter, a team from the company traveled to Nigeria twice to provide the Economic and Financial Crimes Commission personnel with in-depth law enforcement training.
According to Binance, all full-day session was attended by thirty investigators, who provided the Nigerian anti-graft agency with an in-depth operational overview. They further stated that they have instructed Nigerian law enforcement on the nuances of transactions inside the ecosystem of digital assets.
Binance also conveyed its excitement for further fruitful exchanges, saying that it hopes to make every Nigerian’s life better by working together and supporting the country’s fintech development.
The sentence said as follows:
“During these sessions, various case studies were presented, including those involving suspects from Nigeria. The positive feedback received from Nigerian investigators underscored their strong desire to sustain this cooperative format.
“Binance’s financial crime compliance teams processed 626 information requests related to Nigeria or from local law enforcement agencies between June 2020 and February 2024.
“The Nigeria Police Force, the Economic and Financial Crimes Commission, and INTERPOL Nigeria were among the many organisations that benefited from the information we supplied in their efforts to combat crimes ranging from money laundering, kidnapping, extortion, and scams.
“We worked closely with the authorities to safeguard users from illegal activity in a well-publicised action that occurred in January 2022, restricting 281 accounts that belonged to Nigerian residents because of worries about money laundering.
“Operating alongside established global players like Binance is deemed vital for the cohesive growth of this ecosystem, fostering a supportive environment for dynamic local startups.”
