Binance, a cryptocurrency exchange platform based in Nigeria, has recently been the victim of a boycott movement organized by unhappy users. The campaigners are encouraging other Binance users across Africa to join them in voice their unhappiness with the exchange by using the hashtag #Binancestopscamming.
Users’ rage at Binance stems from apparent changes to the platform’s terms of service, according to a report in the Premium Times newspaper. As a result, some users have lost access to their funds. Similarly, on Twitter, disgruntled users shared their experiences with the exchange and how their efforts to resolve their issues have so far proven futile.
One user, Brown-Mi, claims that Binance has restricted his account and, as a result, his access to his portfolio.
“It is enough, I am a victim. My account has been frozen for about 4 months now with over $500k, mostly comprised of alts coins. Is it a crime to be an African?”
Another user, Newnew, who used the hashtag #BinanceStealingCrypto on Twitter, alleges Binance blocked his account ten months ago and has yet to receive a valid justification.
Accusations against Binance are unfounded.
Meanwhile, Binance Africa stated in a tweet on January 26 that it had been restricted access to some accounts in its official response to the concerns. The exchange, on the other hand, stated that it only disables accounts when there is a valid reason. The following is a tweet from the exchange:
“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.”
However, unhappy users must fill out an online form, which will be used to “evaluate if and why your account is restricted,” according to the exchange. Binance “will offer you specifics of who to contact for [the] following steps” in circumstances when an account has been blocked at the request of a law enforcement body.
Binance said in a tweet that it is “committed to collaborating with law enforcement agencies to ensure our community remains safe, and to combat fraudulent conduct throughout the sector.” Binance is not attempting to defraud you.”