February 20, 2024

Binance has restricted access to some Nigerian accounts

Binance has restricted access to some Nigerian accounts

Frustrated Binance users from Nigeria boycotted the exchange, accusing it of baselessblocking customer accounts. Binance said it is committed to working with law enforcement to ensure the safety of the community and combat fraudsters in the cryptocurrency sector.

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

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

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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 in cryptocurrencies, digital currencies are still popular in the West African country. Nigeria leads the region in the number of Bitcoin holders. According to Chainalysis, the country was ranked 8th in the world in the 2020 Global Cryptocurrency Adoption Index.&nbsp;

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