News > Crypto giant Binance restricts 281 Nigerian accounts

Crypto giant Binance restricts 281 Nigerian accounts

Binance, the world's largest cryptocurrency exchange, has restricted the personal accounts of 281 Nigerian users, citing a need to comply with international money laundering laws, its CEO said.

Despite a central bank ban, Nigerians have continued to turn to crypto for business, to protect their savings as the naira currency loses value, and to send payments abroad because it is often hard to obtain U.S. dollars locally.