Nigerians Lambast Crypto Platform Binance As Account Worth Millions Frozen

Crypto exchange Binance has come under attack due to alleged freezing and deactivation of the accounts of many Nigerians trading on the crypto-currency platform.

It is trending on micro blogging sites, Twitter as Binancestopscammingnigerians and #BinanceStopScamming.

Binance was founded by Changpeng Zhao, a developer in China who later moved its operation out of China due to strict regulations of cryptos by the Chinese government.

Binance is under the scrutiny of the Pakistan government over an alleged scam that is estimated to have cost people around $100m.

Crypto scams have cost investors to lose billions with the year 2021 registering a total of $14bn stolen by scammers.

In 2021, Binance was part of the crackdown on two big attackers responsible for damage worth around $500m.

The Central Bank of Nigeria in 2021 banned crypto currency transactions from the financial system which it regulates.

The CBN alleged that crypto transactions are being used to fund illicit trades and terrorism activities.

But Nigerians have traded crypto through platforms like Binance.

Following the trends monitored by THE WHISTLER, the platform has begun to clamp down on accounts after it was accused of weak money laundering checks.

Some of the affected traders are lamenting that their accounts have been blocked for months without being flagged.

Some of the accounts have been allegedly deactivated by Binance.

The issue is not just peculiar to Nigerians as traders in other countries are affected.

@AmaJudy_ said, “It’s been 10 months now that Binance held my hard earned crypto, I have reached out to customer care severally, till now I have not been given any tangible reason for this act @binance.”
 

@megakryptomania, tweeted, “Binance turned their platform to money sucking.. They charge you so outrageously for making more than the trader.”

@Sir_Dubem, tweeted,”Crypto has been an escape route for several young Nigerians including me, due to the failure of Nigeria to cater for her teeming youths. Binance shouldn’t add to our problems, we already have enough!”

@ArrayNotions said, “Binance just posted me and it’s so frustrating. If not my wife, I believe I would have been dead by now due to frustration.”

@broteejay said, “I’m also a victim of this, Binance suspended my account from last November till now, tried all means of retrieving it but all in vain with coins worth 400k.”

@wfthomsy said, “#Binance here comes another case ID for the same cause. How many case IDs will I open  for my issue to be resolved,how many times will you tell me to wait for review.without access to funds?This is unjustly@BinanceHelpDesk.”