Binance outlines compliance push as West Africa regulates

Binance has launched a compliance and user-protection initiative in West Africa as regional regulators seek to regulate cryptocurrency trading, custody, and related services. Their approach includes identity checks, transaction monitoring, sanctions screening, fraud prevention, asset-security controls, and cooperation with law enforcement agencies.

Binance reports having over 1,500 people in compliance-related roles globally, spending approximately $300 million annually on compliance. This effort follows Ghana and Nigeria's efforts to tighten rules for digital-asset businesses. Ghana's Virtual Asset Service Providers Act, 2025, establishes a framework for registration, licensing, and supervision, including AML, CTF, consumer protection, disclosure, and cybersecurity requirements.

Nigeria is also overhauling its regulations, with the Securities and Exchange Commission proposing rules covering various digital and virtual-asset activities. Binance has bolstered its compliance architecture worldwide, with specialized teams addressing sanctions, terrorist financing, financial crime investigations, and enhanced due diligence.

Customer assets are primarily stored offline in cold storage, and Binance's systems monitor various account activities in real-time. The exchange has intercepted over $10 billion in suspected losses and helped recover billions of dollars in user assets since 2021. Binance has also restricted transactions involving certain crypto platforms and service providers, and it has obtained full authorization under Abu Dhabi Global Market’s Financial Services Regulatory Authority framework.