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Binance reported that it took action against 281 accounts owned by Nigerian residents in 2022 due to concerns about money laundering, emphasizing its extensive collaboration with the Nigerian government to safeguard users from illicit activities.
According to a press release, Binance disclosed that it visited Nigeria twice in the fourth quarter of 2022 and conducted two full-day training sessions for EFCC officials, with over 30 investigators participating in each session.
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Between June 2020 and February 2024, Binance’s financial crime compliance (FCC) teams received 626 information requests related to investigations relevant to Nigeria or from Nigerian law enforcement agencies. The average time taken to resolve these requests was 37.4 hours.
Binance stated, “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 provided detailed insights into its operations and offered training to Nigerian law enforcement officials on the role of exchanges in the digital asset ecosystem, including case studies involving Nigerian suspects. Feedback from Nigerian investigators was overwhelmingly positive, expressing a strong desire for continued cooperation.
In August 2023, Binance conducted a three-hour online workshop for seventy EFCC officials, focusing on interpreting operational responses and optimizing assistance from Binance.
The Crypto company emphasized the importance of collaborating with regulators and law enforcement agencies, particularly as Nigeria’s fintech ecosystem experiences significant growth. As Nigeria’s fintech adoption accelerates, partnerships with established global players like The Crypto company become essential for the ecosystem’s harmonious development.
Looking ahead, The Crypto company expressed its commitment to continuing positive interactions with Nigerian authorities to ensure prosperity for all Nigerians.
