Nigerian Users Tell Binance ‘Stop Scamming’ — Exchange Platform Rejects Accusation

Some disgruntled Nigerian end users of the cryptocurrency exchange Binance have introduced a marketing campaign to boycott the system, which they accuse of freezing client accounts without having valid motive.

Accounts Blocked

Cryptocurrency trade platform Binance not long ago grew to become the concentrate on of a boycott marketing campaign initiated by disgruntled users in Nigeria. Making use of the hashtag #Binancestopscamming, the campaigners are urging other Binance end users around the African continent to join them in registering their displeasure with the exchange.

In accordance to a report in the High quality Times newspaper, the users’ anger toward Binance stems from obvious changes built to the platform’s phrases of use which have resulted in certain customers losing access to their funds. Equally, on Twitter, pissed off end users shared their ordeals with the trade and how attempts to get their issues fixed have proved to be in vain so much.

For instance, just one person named Brown-Mi alleges that Binance blocked his account and therefore his accessibility to his portfolio’s altcoins. He tweeted:

It is plenty of, I am a sufferer. My account has been frozen for about 4 months now with above $500k, largely comprised of alts coins. Is it a criminal offense to be an African?

One more user, Newnew — who tweeted with the hashtag #BinanceStealingCrypto — claims the exchange blocked his account some 10 months in the past and that no valid reason has been specified by Binance so much.

A different person, Solid is the will, instructed that Binance was not any distinct from banking companies “who act tyrannically.”

Binance Rejects Accusations

Meanwhile, in its formal response to the issues, Binance Africa admitted in a tweet on January 26 that it has been limiting access to some accounts. However, the exchange insisted it only blocks accounts when there is a good explanation. The trade tweeted:

At moments, we proactively prohibit accounts to secure users’ cash. Other instances, we have to limit accounts at the ask for of regulation enforcement. But in no way will we restrict accounts without superior motive.

Nevertheless, the trade mentioned aggrieved consumers have to fill out an on the web form which it will then use to “review if and why your account is restricted.” In cases exactly where an account has been blocked at the behest of a law enforcement company, Binance “will send out you specifics of who to speak to for [the] future methods.”

In concluding its Twitter thread, Binance reported it is “committed to doing work with law enforcement agencies to be certain our local community stays risk-free, and to avoid fraudulent activity through the business. Binance is not scamming you.”

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, writer and writer. He has composed thoroughly about the economic problems of some African nations as nicely as how digital currencies can supply Africans with an escape route.