Binance, the largest cryptocurrency exchange platform has stated that it restricted 281 accounts belonging to Nigerians in 2022 due to money laundering concerns.
Chronicle NG had few weeks ago reported that Binance announced its decision to exit Nigeria by stopping naira-to-dollar exchange services following a fallout with Nigerian authorities, who had accused the platform of manipulating the country’s foreign exchange rate.
In a statement published on its website on Wednesday 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,” the statement partly reads.
The exchange further stated it 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,”
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.
According to the exchange, the suggestion is to rely on top-tier partners with a proven track record of productive partnerships with both Nigerian and international authorities.
Looking ahead, Binance expressed eagerness to continue positive interactions, aiming to contribute to the prosperity of every Nigerian through ongoing collaboration and support for the nation’s fintech evolution.
![Rev. Fr. Anthony Odiong, a US-based Nigerian Louisiana Catholic priest, was arrested in Florida on Tuesday for possessing child pornography, according to law authorities. The suspect is reportedly accused of many other cases of sexual assault. The Waco, Texas, Police Department announced in a Facebook post on Tuesday that officers detained Father Anthony Odiong in Ave Maria, Florida, with assistance from the United States Marshals Service. Waco police announced in March that they had received "credible information" about a sexual assault allegedly committed by Odiong in Texas in 2012. “During the subsequent investigation, a case of possession of child pornography was uncovered,” the police said. The priest was apprehended in Florida by the Caribbean Regional Fugitive Task Force. The Waco Police Department said that he will be extradited to Texas. Odiong had previously served in the Archdiocese of New Orleans before being removed as priest in December of last year due to controversy over homilies in which he claimed, among other things, that the Catholic Church was being taken over by "the gays." At the time, the priest was also accused of abusive behaviour; a Louisiana lady claimed in U.S. bankruptcy court that Odiong had committed both financial and sexual abuse against her. Prior to joining the New Orleans Archdiocese, Odiong served in at least two Texas parishes. On Tuesday, Waco police stated that during their sexual assault investigation, "the presence of other survivors was revealed." “Multiple women have come forward to tell similar experiences as the sexual assault survivor who reported the initial allegation,” the police department said. “Survivors’ experiences ranged from sexual assault and indecent assault, more commonly recognised as groping, and financial abuse, with some survivors experiencing every element of Anthony Odiong’s manipulation.” The police said they “believe there may be more survivors, and we wish to speak with anyone who [has] had similar encounters” with the priest. The Archdiocese of New Orleans issued a brief news release on Tuesday noting Odiong's arrest in Florida. The archdiocese “encourages anyone with any information to contact law enforcement,” the release said.](https://chronicle.ng/wp-content/uploads/2024/08/ezgif-6-4730550ede-450x300.jpg "Odiong: US-based Nigerian Catholic priest convicted over sexual assault")
