Cryptocurrency market giant Binance has restricted the personal accounts of 281 Nigerian users. He invokes the need to comply with international laws on money laundering.

Despite the central bank ban, Nigerians have continued to turn to cryptocurrencies for their business, to protect their savings as the naira currency loses value, and to send payments overseas as it is often difficult to obtain US dollars locally. Faced with this situation, Binance has taken action. Binance Managing Director, Changpeng Zhao said in a letter to Nigerian customers dated January 29 that the decision to restrict certain personal accounts was to ensure user safety. More than a third of the affected accounts were restricted at the request of international law enforcement.