Nigerians attack Binance, trends #BinanceStopScamming Nigerians attack Binance, trends #BinanceStopScamming

Nigerians attack Binance, trends #BinanceStopScamming

Binance has frozen the account of several of its users in Nigeria without giving them a tangible reason.

Nigerians attack Binance, trends #BinanceStopScamming

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

The largest crypto exchange by trading volume, Binance, is under fire from its users in Nigeria over the โ€œunreasonableโ€ closure of their accounts amidst other inappropriate activities carried out by the platform.

Nigerians lash out at Binance

According to a trending Twitter Nigeria hashtag, #BinanceStopScamming, which has generated over 20k tweets within the last 24 hours, several users have alleged that Binance closed their accounts or froze their crypto holdings without offering any explanation for their actions.

Binance is one of the most used exchanges in the country due to its peer-to-peer (P2P) feature, allowing crypto traders to bypass the government’s hardline stance towards the industry.

One user, Ama Judy, wrote that the exchange had seized her crypto holdings for ten months. She stated that her attempts at reaching out to the firmโ€™s customer service unit had not gotten any positive response.

When she was contacted for further information, she revealed that the exchange first blocked her ability to withdraw her crypto assets in March 2021 because of โ€œrisk control.โ€ Fast forward to January this year, the exchange disabled her account because she violated their terms and conditions.

In her words:

โ€œI found out they had disabled my account and the reason given was I violated their terms and conditions by having more than one account; this is a big lie because I do not have another Binance account apart from one, which is the one I am having an issue with.โ€

Other users also complained about the quality of responses the customer service of the exchange gave them.

Binance terms and conditions under spotlight

A look at a number of the responses given by the customer service agent of the exchange would reveal that they were quoting a part of Binance terms and conditions, which gave them the right to freeze usersโ€™ accounts without their consent or notice.

The said terms and conditions in screenshots seen read in part, โ€œBinance and Binance Chain community reserves the right to refuse service of the Site, or to bar transactions from or to, or terminate any relationship with, any user for any reason (or for no reason) at any time.โ€

This clause has generated criticism on Twitter as some users have labeled it โ€œcrazy.โ€

Binance’s official site shows that the exchange says it could suspend users’ accounts if it suspects that any account is in violation of its terms, privacy policy, and any applicable laws and regulations.

Binance reacts

In response to the wave of allegations, the company released a statement calling for calm, and that it was working on the issues.

Binance also asked users who believe their accounts have been wrongly suspended to fill out a form where they could properly investigate the matter.

Additionally, the exchange said it โ€œproactively restrict accounts to protect users’ funds. Other times, we have to restrict accounts at the request of law enforcement. But never will we restrict accounts without good reason.โ€

To further address the issues, it has set up an AMA session slated for 11 AM today.