Binance restricted 281 accounts belonging to Nigerian residents, trained EFCC officials

Binance stated it restricted 281 accounts belonging to Nigerian residents due to money laundering concerns in 2022 and extensively collaborated with the FG to protect users from illicit activity.

Binance’s team also highlighted in a press release that it visited the country twice in the 4th quarter, and the company’s Law Enforcement Training team delivered two full-day sessions to EFCC officials with more than 30 investigators attending each.

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The financial crime compliance (FCC) teams at Binance received 626 information requests between June 2020 and February 2024, about investigations that were relevant to Nigeria or from law enforcement agencies in Nigeria. The average time between submission and resolution for these requests was 37.4 hours.

“The Nigeria Police Force, the Economic and Financial Crimes Commission (EFCC), and INTERPOL Nigeria were among the many organizations that benefited from the information we supplied in their efforts to combat crimes ranging from money laundering, kidnapping, extortion, and scams. “
The company claimed to have provided a thorough rundown of Binance’s operations and trained Nigerian law enforcement officials on the function of exchanges in the digital asset ecosystem.

We also presented several case studies, some of which included suspects from Nigeria. Nigerian investigators gave both sessions overwhelmingly positive feedback and indicated a strong desire to continue this format of cooperation.