Binance Restricts Transactions with 3 Nigerian Crypto Firms Amid Global Regulatory Crackdown

Binance has restricted transactions involving three Nigerian-linked cryptocurrency platforms as part of a broader set of restrictions covering 17 crypto-asset service providers across multiple countries.

The exchange disclosed the measures in a notice to users on Saturday, saying the restrictions would roll out in phases based on each platform's effective date. The Nigerian entities caught up in the restrictions are A7 Nigeria, A7 Africa, which also operates in Zimbabwe, and Lagos-based PilotFinance Ltd. All three became subject to the new rules from August 13.

Binance says transactions involving selected Nigerian crypto platforms may face compliance reviews. It told users to stop sending funds to, receiving funds from, or conducting any transactions through its platform that involve the listed entities once their respective effective dates pass.