Binance Restricts Personal Accounts of 281 Nigerian users

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A growing number of reports on social media allege that Binance, the world’s biggest cryptocurrency exchange platform, is aggressively clamping down on the wallets of users in Africa.

In some other examples, users allegedly got feedback stating that their accounts may have been a recipient of fraudulent coin payments currently being tracked down, hence the outright ban.

Active trading accounts were also not left out as some spot and futures active traders reported an abrupt stall on their trades for a significant number of hours.

However, a look at Binance User Licence Agreement, which most persons hardly take the time to read, reveals that the company “reserves the right to refuse service of the site, or to bar transactions from, or to terminate any relationship with any user for any reason (or for no reason) at any time.”

Binance Africa, in reaction to the situation, had tweeted:

“…..Users’ security is our top priority. At times, we proactively restrict accounts to protect users’ funds. Other times, we have to restrict accounts at the request of law enforcement. But never will we restrict accounts without a good reason….”

(2/4) User security is our top priority.

At times, we proactively restrict accounts to protect users’ funds. Other times, we have to restrict accounts at the request of law enforcement. But never will we restrict accounts without good reason.

— Binance Africa (@BinanceAfrica) January 26, 2022

Assuring users that the team is working on rectifying affected accounts. ‘Those whose accounts are linked to orders from law enforcement agencies will be sent details of persons to contact afterward’, Binance said.

Without the support and backing of the government, which has already declared that it considers crypto activities within the country illegal, most Nigerian users are left in the clutches of Binance. While it is too early to count potential losses, affected users may have no option other than to bear the pain or seek other alternatives.