Frustrated Nigerian customers of the cryptocurrency exchange Binance have started a boycott campaign against it. They are accusing it of blocking client accounts without any reason. Binance is a cryptocurrency trading platform based in Nigeria. The activists are encouraging other Binance users across Africa to join them in voicing their unhappiness with the exchange by using the hashtag #Binancestopscamming.
Users’ anger at Binance appears due to modifications in its terms of service, according to a report in the Premium Times newspaper. As a result, some users have lost access to their assets. Similarly, on Twitter, disgruntled individuals detailed their experiences with the exchange. They also detailed failed efforts to resolve the situation. The #Binancestopscamming was trending on twitter. Meanwhile, Binance Africa, stated that it only disables accounts when there is a valid cause. It stated that it may block accounts proactively to protect users’ funds. Sometimes, blocking of accounts is in response to a law enforcement request.
In a tweet on January 27, the exchange informed: “If you’re a Nigerian #Binance user and you believe your account is wrongly suspended, please fill in this form and we will investigate.”
(1/4) If you're a Nigerian #Binance user and you believe your account is wrongly suspended, please fill in this form and we will investigate.
Open this thread for an explanation of what's happening👇 pic.twitter.com/1M1D3ojdOu
— Binance Africa (@BinanceAfrica) January 26, 2022
Binance further informed that it is dedicated to collaborating with law enforcement authorities to keep the community secure and to combat fraudulent conduct throughout the sector.