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Nigerian Community FAQ: User Safety and Account Restrictions

2022-01-31

Following the recent feedback from the Nigerian community, we have put together an FAQ resource on all you need to know about account restrictions and keeping your Binance account safe.

Responding to the concerns of our community and ensuring our users are protected is our highest priority. As such, we would like to respond to the most common questions regarding account restrictions and Binance P2P best practices. 

Frequently Asked Questions

1. Why can my account be restricted?

Here are a few reasons why Binance could potentially restrict an account:

  • Incomplete Know Your Customer (KYC) Documents: 

KYC is a crucial process for many crypto and financial sector organizations looking to remain compliant with AML requirements and standards. 

We carry out this verification globally in order to provide a safe crypto environment for everyone and enhance user protection. We have proactively furthered our industry-leading KYC efforts by expanding global KYC requirements to further user protection and provide a safe crypto environment.

Intermediate Verification requirement supports Binance’s Know Your Customer (KYC) and Anti-Money Laundering (AML) efforts as part of the organization’s redoubling of efforts to further enhance user protection and risk management protocols.

  • Interaction with stolen coins from 3rd parties who could have been scammers:

Sometimes, users purchase cryptocurrencies outside the Binance P2P platform and then, these coins are sent to them on Binance. If these coins are fraudulent, restrictions are put on both accounts until the case is resolved.

2. What can I do to keep my account safe?

To ensure your account is safeguarded against scammers, please follow our user transaction policies while using the P2P trading platform. 

Binancians should also identify and avoid scammers who impersonate Binance staff to gain your trust and steal valuable information from you.

These days, impersonator scammers are developing innovative ways to get access to your funds. As soon as they gain access to your account, it’s highly unlikely you’ll recover your funds. We’ve provided some extra tips below to safeguard your Binance account. 

  • Verify your Binance account if you have not already done so. 

  • Activate 2-factor authentication on your Binance account. 

  • Always keep your login details private. Do not share it with anyone—even close friends. 

  • Ignore any text message, phone call, email address, or WhatsApp message from someone claiming to be a Binance staff or law enforcement agent.

3. What is Binance doing to ensure safe P2P transactions on the platform and why should I use Binance P2P?

  • Secure transactions: Every Binance P2P trade is protected by our crypto escrow service, ensuring counterparties are paid in full and protected from malicious individuals. 

  • Customer support: Our Binance Chat Support directs users to helpful resources and automatically escalates issues to live support agents. For urgent needs, we offer 24/7 customer service, and for verified merchants, we have a team solely dedicated to your needs. 

  • Rapid security updates: As part of our ongoing commitment to user protection, we’ve introduced numerous P2P security updates in the past year, including improved ad requirements and optimized risk management algorithms.

  • Verified merchants: To provide users with the best P2P trading experience, we employ a strict vetting process for all our verified merchants. Users can also filter their P2P ad screen to “Verified Merchants Only.”

  • User education initiatives: Besides our robust security features, we provide an extensive library of educational content, including webinars which are hosted across our Africa communities plus a comprehensive list of P2P how-to guides, security tips, and FAQs.

 4. Why does Binance collaborate with law enforcement?

Laws protect society's general safety and are mandatory prerequisites for business operations. So, we work together with law enforcement to keep Binance and the cryptocurrency space safe. This is a global practice to protect our users.

Binance is committed to assisting and supporting financial intelligence units’ and law enforcement agencies’ efforts to identify and prevent criminal activity and detect violations of anti-money laundering, counter-terrorist financing regimes, and disrupt proliferation financing. 

This is part of Binance’s efforts to prevent fraudulent activity across the industry.

5. What are Binance P2P safe practices?

  • Understand potential risks before you trade 

If something sounds too good to be true, it probably is. Fraudulent sellers often attempt to lure in inexperienced traders by posting cryptocurrency listings and ads with absurdly low prices. Always check the merchant’s feedback as well as the number of transactions they’ve completed before making a trade. 

  • Never release escrow until the payment is confirmed 

If you’re selling crypto assets, confirm you’ve received payment before releasing your funds. Malicious buyers may try to pressure you to confirm their payment, send you fraudulent “Payment confirmed” screenshots, or mark their transaction as “paid”. Always check your wallet balance or bank account to ensure funds went through before releasing escrow.

To safeguard transactions, Binance P2P’s escrow service allows either party to appeal unsatisfactory transactions. In such cases, the Binance Customer Support team will step in to ensure transactions are conducted fairly. 

  • Avoid all offers to communicate or pay/settle transactions via third-party platforms

Scammers will frequently attempt to move conversations off of the P2P platform you’re using. They may claim it’s more convenient to check messages via email, text, or third-party chat apps, or even offer a discount for sending payment outside of the platform you’re using to communicate. 

It’s important to keep a record of communications so platforms like Binance P2P can step in if you encounter any problems with the transaction. Your transaction will not be protected if you decide to send or receive third-party payments. Always transfer money and crypto assets directly within your P2P platform of choice. 

Adhering to transparency is part of our main principle. At Binance, we always welcome and encourage feedback and suggestions from the public.

Thank you for your patience and continued support. Our team is working round the clock towards improving our processes to better support our local community.