Frustrated Binance users from Nigeria launched a boycott of the exchange, accusing it of groundlessly blocking 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 boycott Binance. 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 appeared on social networks with the hashtag #BinanceStopScamming, which trended within 24 hours.
Binance representatives have already responded to the accusations. 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.
About 38% of Nigerian accounts are frozen at the request of law enforcement agencies. In his statement, Zhao noted that Binance has already unfrozen 79 accounts associated with account restrictions and will continue to lift restrictions.
Despite the Nigerian government banning local banks and other institutions from dealing in cryptocurrencies last year, digital currencies remain 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.
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