Cryptocurrency exchange, Binance has explained that its Nigerian users lose their digital assets and accounts because of its security protocols that were designed to proactively make its system safe.
As reported on BizWatch Nigeria, thousands of people in Nigeria took to microblogging site Twitter to lament how Binance has subjected their lives to ridicule by blocking their accounts and freezing their digital assets.
Amongst those that called out Binance was one Ama Judy, who stated that after the exchange held her digital assets for a period of 10 months, it on Tuesday, January 25, 2022, disabled her account, a development she said has caused her family agony.
Her 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 off their hard-earned crypto and I believe there 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?”
Addressing the matter, Changpeng Zhao, the Chief Executive Officer (CEO) of Binance, in a statement cited by this publication, stated: “User security remains our top priority. We love and are devoted to our Nigerian community, but we must ensure that our users are safe.
“As such, protection mechanisms such as KYC, anti-money laundering measures, collaboration with law enforcement, and account restrictions are in place to ensure our community remains protected and that fraudulent activity is prevented. This is a global approach applied in every country.”
