Binancestopscamming : Cryptocurrency traders in Nigeria revolts against incessant blockage of accounts by the largest Cryptocurrency exchange in the world.
NeboFinance: In what seemed to be a normal day, it started off with a tweet calling for boycott from Binance by Cryptocurrency traders in Nigeria.
Nigeria is the second country in the world with the largest Cryptocurrency volume traded. This is because USA is the first. This it achieved through the P2P Market base.
It was reported that many Cryptocurrency users from the West African country of Nigeria had their Binance Wallets and accounta suspended or blocked.
Nigeria the most populous black nation in Africa and the world has more than 60% of its population as youths. And with growing inflation and depressing economy taken to Cryptocurrency trading.
Last year, 2021 its Central Bank banned banks from honoring Cryptocurrency transactions. However this did not in any way prevent its teeming youth population from trading Cryptocurrency or getting involved.
The trade volume after the pronouncements by the CBN actually skyrocketed.
The Biggest contributors to P2P volume of Binance comes from the West Africa Giant, Nigeria.
However its been pain for some of the big traders who reported that their accounts were being targeted by Binance
Many of them sighted instances where their funds have been locked ranging for as much as 6 months to one year plus.
When they reached out to the exchange support, they were told that it was due to Risk control and security reasons.
Binance Blocks Nigerians has been news.
According to Nebo Finance Today they took to Twitter to make their claims known. With the hashtag #Binancestopscamming amongst others which is the most trading topic in the West African Country with more than 19k tweets. Binance Blocks Nigerians
What Binance had to Say
Binance responded via its Binance Africa Twitter handle @BinanceAfrica
With the tweet below.
Nebo Finance reports that it asked those involved to respond to a google form for a follow up.
The traders were displace and vexed at the fact that Binance never gave them a reason for the blockages order than it was for security and risk control.
Many feel this is Binance ripping of the traders or it could be a bite by the government who may be working with the exchange to get at the youths.
The government is yet to respond to the matter as at the time NeboFinance filed this report.
Binance Blocks Nigerians
We will keep you posted as the story unfolds.