Nigerian Users Urge Binance to ‘Stop Scams’, Exchange Denies Allegations

Some Nigerian users dissatisfied with the Binance exchange have launched a campaign to boycott the platform. They accused BNB of freezing customer accounts without a valid reason.

Account suspended for no reason

BNB Exchange was recently the target of a boycott campaign initiated by angry Nigerian users. Using the hashtag #Binancestopscamming (Binance Stop Scams), activists are calling on other Binance users across the African continent to join them and rate their dissatisfaction with the exchange.

According to a report According to Premium Times, user anger at BNB stems from changes to the platform’s terms of service that caused certain users to lose access to their funds. Similarly, many frustrated users have shared their sharing experience on Twitter, and efforts to resolve the issue have so far been unsuccessful.

Example: A user named Brown-Mi accusations BNB has blocked its account and therefore cannot access the altcoins in its portfolio.

“Enough, I’m a victim. My account has been frozen for about 4 months now with over $500,000 made up mostly of altcoins. Is it a crime to be African?”

Another user, Newnew, tweeted with the hashtag #BinanceStealingCrypto (Binance stole crypto) and claimed the exchange suspended his account about 10 months ago and has yet to provide a valid reason.

Another user, Strong is the will, guess i think BNB is no different from banks that “act dictatorially”.

Binance denies allegations

Official response to the complaints, BNB Africa acknowledged tweets on January 27th that they have restricted access to some accounts. However, the exchange claims that it will only suspend the account if there is a valid reason.

“Sometimes we actively restrict accounts to protect user funds. In other cases, we need to make restrictions required by law enforcement agencies. But we would never do that without a good reason.”

However, the exchange said angry users had to fill out an online form used to “verify if your account is restricted.” In the event that an account has been frozen by law enforcement order, Binance will “send you details of who to contact for next steps.”

BNB Africa tweets:

“If you are a BNB user in Nigeria and you believe that your account has been wrongfully banned, please fill out the form, we will investigate https://forms.gle/BJP2ig29Kna9r82MA. Open this thread to explain what’s going on.

Concluding its Twitter thread, Binance said it is “committed to working with law enforcement to ensure our community remains safe and fraudulent activity across the industry is prevented. Binance is not a scam.”

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