Nigerian users say Binance: Stop Scamming - stock exchange platform rejects allegation - regulation

Some angry Nigerian users of the Binance cryptocurrency exchange have launched a campaign to the boycott of the platform, which accuses you of freezing customer accounts without a valid reason.

account blocked

The Binance cryptocurrency exchange was recently the goal of a boycott campaign that was initiated by angered users in Nigeria. Under the hashtag #binancestopscamming, the activists ask other Binance users on the African continent to join them and register their displeasure via the stock exchange.

according to a target = "_ blank" href = "https://www.premiumTimesng.com/news/top-news/508064-trendingbinancestopscamming-cryptocurrency-holder--firm-of-Improper-activities.html" Rel = "noopener"> Test report In the newspaper Premium Times, the anger of the users moves to the bony of obvious changes to the terms of use of the platform, which led to certain users have lost access to their funds. Similarly, frustrated users shared their experiences on Twitter with the exchange and how the efforts to solve their problems have so far proven to be unsuccessful.

For example, a user named Brown-Mi claims that Binance has blocked his account and thus access to the old coins of his portfolio. He tweeted :

It is enough, I'm a victim. My account has been frozen with over $ 500,000 for about 4 months, which mainly consist of old coins. Is it a crime to be African?

Another user, Newnew - who tweeted the hashtag #binancestealingCrypto - claimed that the stock exchange has blocked its account about ten months ago and has so far not given any valid reason for this.

Another user, Strong is the Will, suggested that Binance did not differ from banks, "who act tyrannically".

Binance rejects allegations

In the meantime,

In his official answer to the complaints in a tweet on January 26, Binance Africa admitted that it restricted access to some accounts. However, the stock exchange insisted that it only blocks accounts if there is a good reason. The stock exchange tweeted:

Sometimes we push accounts proactively to protect the funds of the users. In other cases, we have to limit accounts at the request of the law enforcement authorities. But we will never restrict accounts without a good reason.

The stock exchange, however, said that damaged users have to fill out an online form with which they then "check whether and why their account is restricted". In cases in which an account was blocked by order of a law enforcement authority, "Binance sends you details about whom you can contact [the] next steps."

At the end of his Twitter thread, Binance said that “working with law enforcement authorities is obliged to ensure that our community remains safe and to prevent fraudulent activities in the entire industry.

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Terence Zimwara

Terence Zimwara is an award -winning journalist, author and writer from Zimbabwe. He wrote in detail about the economic problems of some African countries and how digital currencies Africans can offer an escape route.

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