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How we restricted 281 Nigerian accounts in 2022 – Binance
By Francesca Hangeior
The largest cryptocurrency exchange, Binance, stated that it restricted 281 accounts belonging to Nigerians in 2022 due to money laundering concerns.
The exchange said it also collaborated with the Federal Government to protect users from illicit activity.
This information was disclosed in a statement published on its website on Wednesday.
A few weeks ago, Binance announced its decision to stop naira-to-dollar exchange services following a fallout with Nigerian authorities, who had accused the platform of manipulating the country’s foreign exchange rate.
The exchange mentioned that its team visited Nigeria twice in the fourth quarter, conducting comprehensive law enforcement training sessions for officials of the Economic and Financial Crimes Commission.
With over 30 investigators in attendance for each full-day session, Binance said it provided a detailed overview of its operations, training Nigerian law enforcement on the intricacies of exchanges in the digital asset ecosystem.
“During these sessions, various case studies were presented, including those involving suspects from Nigeria. The positive feedback received from Nigerian investigators underscored their strong desire to sustain this cooperative format, the platform noted.
“Binance’s financial crime compliance teams processed 626 information requests related to Nigeria or from local law enforcement agencies between June 2020 and February 2024.
“The Nigeria Police Force, the Economic and Financial Crimes Commission, and INTERPOL Nigeria were among the many organisations that benefited from the information we supplied in their efforts to combat crimes ranging from money laundering, kidnapping, extortion, and scams,” it said.
The exchange also conducted a three-hour online workshop for 70 EFCC officials in August 2023. The workshop’s main objectives were to interpret Binance’s operational responses and determine how best to use our help.
“We worked closely with the authorities to safeguard users from illegal activity in a well-publicised action that occurred in January 2022, restricting 281 accounts that belonged to Nigerian residents because of worries about money laundering,” it added.
The crypto exchange recognises Nigeria’s thriving fintech ecosystem, anticipating that nearly half of all investments in Africa from 2019 to 2023 will be directed to the country.
“Operating alongside established global players like Binance is deemed vital for the cohesive growth of this ecosystem, fostering a supportive environment for dynamic local startups,” the company noted.
Binance explained that collaboration with regulators and law enforcement in Nigeria would accelerate its financial technology adoption.
News
SAD! Roman Catholic Oldest Priest Monsignor Thomas Oleghe dies at 103
The Bishop of the Catholic Diocese of Auchi, most Rev. Dr. Gabriel Ghieakhomo Dunia announces the passing unto eternal glory of Rt. Rev. Monsignor Thomas Oleghe, at the Immaculate Conception Cathedral Auchi, during the solemnity of Christ the King
Rev. Monsignor is the oldest Catholic Priest in Nigeria.
Monsignor Oleghe death is very remarkable as the centenarian died during the feast of Christ the King.
The demise of the priest of the order of Melchizedek should be best described as (TRANSITION TO GLORY)
News
NECO accredits more foreign schools for SSCE, BECE
The National Examinations Council (NECO) has given accreditation to more foreign schools to write the Senior School Certificate Examination (SSCE) and the Basic Education Certificate Examination (BECE).
The Acting Director, Information and Public Relations, Mr. Azeez Sani, disclosed this in a statement.
The newly accredited schools are in Niger Republic and Equatorial Guinea.
“NECO Accreditation Team visited the Schools to assess their readiness to write the SSCE and BECE.
“The Accreditation Team inspected classrooms, laboratories, libraries, computer laboratories, workshops, examination halls and sport facilities to determine their adequacy and suitability for NECO Examinations.
“After a thorough evaluation and comprehensive assessment, the schools were granted full SSCE and full BECE accreditation status,” the statement said.
The statement added that the accreditation of additional foreign schools is a testament to NECO’s commitment to providing quality education and assessment beyond the shores of Nigeria.
“With its expanding global presence, NECO is poised to become a leading examination body in Africa, offering opportunities for students worldwide to benefits from its expertise, thus contributing to the advancement of education in Africa and beyond.”
In another development, the statement disclosed that candidates are participating in the on-going NECO SSCE External in Diffa, Niger Republic.
“The UNHCR School, Diffa, Niger Republic is the first NECO SSCE External Centre outside Nigeria.”
NECO examinations are now written by candidates in Benin Republic, Togo, Cote’ d’Ivoire, Niger Republic, Equatorial Guinea and Saudi Arabia.
News
Guardiola suffers worst defeat of career as Tottenham hammer Man City 4-0
Manchester City manager, Pep Guardiola, suffered the worst defeat of his managerial career as they lost 4-0 to Tottenham Hotspur on Saturday night.
The Premier League champions were already on a run of four consecutive defeats ahead of the visit of the North London side.
James Maddison scored twice in the first half to set Spurs on their way to a sensational win.
Pedro Porro drilled in a third, before Brennan Johnson got on the scoresheet late in the game.
The result leaves City in second place with 23 points. They could go eight points behind Liverpool by the end of this Game Week.
Guardiola takes his men to Anfield next weekend.
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