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Binance Accused Of Scamming Africans

Binance Accused Of Scamming Africans

Thousands of social media users across Africa, including Nigeria, have taken to micro-blogging site Twitter to call out crypto exchange, Binance, for scamming them.

In a series of tweets since the late hours of Tuesday, January 25, 2022, the social media users alleged that Binance has held their digital assets for months.

According to them, aside from holding their digital assets without any reasonable explanation, Binance was also accused of charging outrageously to enable transactions.

Lamenting his frustration with the crypto exchange, a Twitter user, Kelvin Chidubem stated: “Crypto has been an escape route for several young Nigerians including me, due to the failure of Nigeria to cater for her teeming youths. Binance shouldn’t add to our problems, we already have enough!”

Corroborating Chidubem’s claim about Binance, Ama Judy stated that after Binance held her digital assets for 10 months, the exchange disabled her account without any prior notice and explanation.

Judy’s tweets read: It’s been 10 months now that Binance held my hard-earned crypto, I have reached out to customer care severally, till now I have not been given any tangible reason for this act. Binance is purposely out to scam Africans and rip them of their hard-earned crypto and I believe they are many persons out there that can attest to this.

“This morning I tried logging in to my @binance account and I noticed my account has been disabled with my hard earned crypto in it, disabled with no prior notification. Is this not robbery?”

Launched in 2017 by Changpeng Zhao, a Chinese-Canadian developer who had previously created high-frequency trading software, the cryptocurrency exchange is now the world’s top crypto exchange by volume. As of last year’s November, each day, it processes no less than $76 billion worth of cryptocurrencies.

About Author

Damilare Famuyiwa is a journalist and media consultant with over seven years experience. Trained at the Nigerian Institute of Journalism (NIJ), he has since been actively covering different beats, which include finance, showbiz, and music. You can reach him on [email protected]

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