Binance Nigeria Exchange under fire over unresponsiveness

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Binance Nigeria Exchange under fire over unresponsiveness

The largest exchange by trading volume, Binance, is under fire from its users in Nigeria due to the unresponsiveness of their accounts amidst other inappropriate activities carried out by the platform.

According to the trending Twitter Nigeria hashtag, BinanceStopScamming, which has generated over 20 k tweets within the last 24 hours, several users have claimed that Binance has closed their accounts or froze their holdings without any explanation for their actions.

Binance has become one of the most used exchanges in the country due to its peer-to- peer P 2 P feature, which allows traders to bypass the government's hardline stance towards the industry.

One user, Ama Judy, wrote that the exchange had seized her holdings for ten months. She stated that her attempts at reaching out to the firm's customer service unit had not received any positive response.

When she was contacted for further information, she revealed that the exchange blockaded her ability to withdraw her assets in March 2021 because of risk control. The exchange disabled her account in January of this year because she violated their terms and conditions.

Other users complained about the quality of responses that the customer service of the exchange gave them.

A look at the responses given by the customer service agent of the exchange would reveal that they were quoting a part of the Binance terms and conditions, which gave them the right to freeze users accounts without their consent or notice.

According to the terms and conditions in screenshots, the Binance and Binance Chain community reserve the right to refuse service of the Site, or to terminate any relationship with any user for any reason or for no reason at any time. This clause has been criticised on Twitter, as some users have labeled it crazy. The exchange says it can suspend users accounts if they suspect that any account is in violation of its terms, privacy policy, and any applicable laws and regulations.

In response to the wave of allegations, the company released a statement calling for calm and that it was working on the issues.

Users who believe their accounts have been wrongly suspended should fill out a form that can be properly investigated, according to Binance.

The exchange said it proactively restricts accounts to protect users' funds. We have to restrict accounts at the request of law enforcement. We will never restrict accounts without good reason. It has set up an AMA session that is scheduled for 11 AM today to address the issues.