Binance revealed that in 2022, it took action against 281 accounts owned by Nigerians over concerns related to money laundering.
In a statement posted on Binance’s website, the cryptocurrency exchange platform shared that its team visited Nigeria twice in the fourth quarter, conducting extensive training sessions on law enforcement for officials from the Economic and Financial Crimes Commission.
During these full-day sessions, attended by 30 investigators each, Binance provided the Nigerian anti-graft agency with a comprehensive understanding of its operations and insights into the digital asset ecosystem.
Binance expressed its commitment to continued collaboration and support for Nigeria’s fintech evolution, aiming to contribute to the prosperity of Nigerians.
The statement noted, “Throughout these sessions, various case studies, including those involving suspects from Nigeria, were discussed. The positive feedback from Nigerian investigators demonstrates their keen interest in maintaining this cooperative relationship.”
Binance’s financial crime compliance teams have handled 626 information requests related to Nigeria or from local law enforcement agencies between June 2020 and February 2024. Organizations such as the Nigeria Police Force, the Economic and Financial Crimes Commission, and INTERPOL Nigeria have benefited from the information provided by Binance in their efforts to combat crimes such as money laundering, kidnapping, extortion, and scams.
In January 2022, Binance took action to restrict 281 accounts belonging to Nigerian residents due to concerns about money laundering, working closely with authorities to protect users from illegal activities.
Collaborating with established global players like Binance is seen as essential for the cohesive growth of the ecosystem, creating a supportive environment for dynamic local startups.
