Nigerian customers are reprimanding the leading crypto exchange of the globe by trading volume due to the unreasonable cancellation of their accounts among various dubious practices done on the platform. Many Nigerian users of the cryptocurrency platform, Binance, have got frustrated, and they started to boycott the campaign by blaming the platform to block client accounts without any notice.
Using the hashtag #Binancestopscamming, the activists invite other Binance users in Africa to join them in expressing their dissatisfaction with the exchange. Various users have stated that Binance has blocked and canceled their accounts and even froze their cryptocurrency holdings without cause as per the trending Twitter Nigeria hashtag, #BinanceStopScamming which has got more than 20,000 tweets in the past 24 hours.
Nigerian users are upset, and the Twitter community is reacting with reposts, memes, and hashtags to show their displeasure. People are questioning the exchange’s accountability, stating that if it’s illegal to invest with the platform, it’s better to not provide consumers access in the first place than to take their assets without cause.
Binance is one of the largest exchanges owing to its peer-to-peer feature, which enables cryptocurrency dealers to circumvent the anti-crypto position of the government.
According to an article in the Premium Times newspaper, users’ wrath at Binance stems from apparent changes to the platform’s terms of service. Some users have lost access to their assets as a result of this. One of the customers, Ama Judy, claimed the exchange seized her cryptocurrency and stored it for ten months. She said she tried to contact the firm’s customer service department but got no response.
She responded that the exchange first barred her from withdrawing her crypto assets in March 2021 due to “risk control” when pressed for additional details. In January of this year, the exchange then suspended her account for breaching their terms and conditions.
Binance’s terms and conditions under scrutiny
A deeper look at some of the exchange’s customer service employees’ replies indicates that they were invoking a portion of the exchange’s terms and conditions that permitted them to freeze customers’ accounts without their permission or consent.
Binance and the Binance Chain community reserve the right to reject service to the Site, to refuse transactions from or to, or to terminate any connection with, any user at any time for any reason (or no reason).
under the terms and conditions depicted in the screenshots
Meanwhile, Binance Africa said in a tweet on January 26 that access to some accounts had been limited in response to the concerns. On the other hand, the exchange maintained that accounts are only disabled when there is a genuine cause. Users who think their accounts were suspended in error were also encouraged to fill out a form so that Binance could conduct a thorough investigation.
According to the exchange, users who are dissatisfied must fill out an online form, which will be used to
assess if and why your account is limited.” In addition, if an account has been blocked at the request of a law enforcement entity, Binance “will provide you instructions about who to contact for [the] subsequent measures.
Check out this review of Binance if you are interested in learning how the platform works.