Binance Accused Of Fraud By Nigerian Users!!!

Lately, there has been an uproar on twitter from West African Binance users, particularly Nigerians who have accused the crypto trading platform for randomly blocking and suspending accounts with large sum of money. Some users who claimed to have had their accounts blocked or suspended said the action was taken when they a large amount of crypto got into their wallet and they believe this is a shady act from Binance. Some claimed to gave had their accounts banned even with a 100% review which at first I thought was weird but later didn't take that as a very serious point since I have my own experiences with accounts with good reviews.

Source

Sticks and stones have been thrown at the cryptocurrency trading platform over the years by many countries and regulatory bodies and I sometimes feel actions like this are as a result of these regulations. Nigeria has a large network of fraudsters no doubt and crypto is currently the easiest and swiftest way to get money from any part of the world. I believe they're just being watchful and sticking to regulations and standards by blocking and making enquiries about source of funds. The high numbers of accounts being blocked should however be properly investigated.

Personally, I've been using the trading platform for years now and I believe the judgement of their support team when it comes to blocking and suspending accounts with shady deals particularly in the P2P arena. I've personally had an issue with a user with pretty good reviews but runs shady deals where he changes the price agreed upon quickly and earn a couple bucks whenever an unsuspecting user trades with him. He had good reviews till I noticed his actions. So I really didn't think good review thing meant a person couldn't be fraudulent, it just helps in reducing the user's chances and frequency of dealing with accounts owned by fraudsters. Same way the reputation thing is on Hive.

The Binance support team however stated on their twitter account that the issue is being looked into and all complaints will be attended to in no time. The platform is one of the biggest supporter of the current African Cups Of Nations and they have their largest African users from Nigeria, so I believe they'll want to keep a good record and public image and do the right thing with the loads of complaints they've gotten on this issue.