Binance, the biggest cryptocurrency exchange platform, has restricted 281 Nigerian user accounts.

The company which put these accounts on a "watch list" cited a breach of user security and fraud prevention.

The CEO, Changpeng Zhao, explained that "approximately 38% of these cases are restricted at the request of international law enforcement."

However, the company which promised to resolve the issues that generated the "# binancestopscammingus" Twitter campaign sent a letter to its Nigerian users via its CEO.

According to bitcoin.com, Binance CEO Changpeng Zhao (CZ) apologized for the inconvenience caused by delays in resolving customer support requests.

Noting that "User security" remains his exchange’s top priority, Zhao detailed: "Protection mechanisms such as KYC, anti-money laundering measures, collaboration with law enforcement, and account restrictions are in place to ensure our community remains protected and that fraudulent activity is prevented. This is a global approach applied in every country. " The CEO added:

As a consequence of this new anti-fraud and anti-monetary move, 281 Nigerian accounts have been affected, with approximately 38% of these cases restricted as requested by international law enforcement agencies.

Zhao informed the Nigerian community that Binance was trying to rebuild trust by implementing steps to restore the lost confidence Nigerian users had in the company.

Firstly, he said that Binance is "ensuring speedy resolutions of ongoing user cases tied to account restrictions," noting:

Currently, we have resolved 79 cases and continue to work through others. All non-law enforcement-related cases will be resolved within two weeks.

The CEO also stressed that the company was devoting more resources to the establishment of more customer service personnel in the region.

Zhao said, "We will dedicate more CS and risk agents with a great understanding of the Nigerian market."

Following government restrictions, the cryptocurrency exchange has been facing intense investigation and scrutiny in a number of countries, some of which include the U.K, the U.S, South Africa, India, China, and Canada, to name a few.

The company resolved that it would make regulatory compliance a top priority. This, it is hoped, will aid in the company's acceptance by the mainstream government.

Another key move the company is making is moving from a decentralized business model to a centralized one, as it pivots from a technology company to a financial services company.