December 9, 2022

Binance has restricted access to some Nigerian accounts

Binance has restricted access to some Nigerian accounts

Frustrated Binance users from Nigeria have announced a boycott of the exchange, accusing it of baseless blocking customer accounts. Binance has stated that it is committed to working with law enforcement to keep the community safe and fight crypto scams.

Nigerian Cryptocurrency Traders BoycottBinance. The platform is accused of blocking their accounts or freezing cryptocurrency assets without explanation. One of the traders has been trying in vain for 4 months to get his $500,000 deposit back.

Nigerians are calling for a boycott of the stock exchange. Complaints surfaced on social media with the #BinanceStopScamming hashtag trending within 24 hours.

Binance representatives have already responded to the allegations.They stated that they had indeed blocked a large number of Nigerian accounts. According to Changpeng Zhao, accounts were frozen only for security and fraud protection purposes.

Approximately 38% of Nigerians' accounts are blocked bylaw enforcement request. In a statement, Zhao noted that Binance has already unblocked 79 accounts associated with account restrictions and will continue to remove restrictions further.

Despite the fact that last year the governmentNigeria has banned local banks and other institutions from dealing with cryptocurrencies, digital currencies are still popular in this West African country. Nigeria leads in the number of bitcoin holders in the region. According to Chainalysis, for 2020, the country was ranked 8th in the world in the Global Cryptocurrency Adoption Index.

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