Move your coins from NairaEx

[Charles-Tim]

I received an email from NairaEx on the 13th of May, but I did not see it until today after the exchange sent another email that their customers should withdraw their ether and USDT on the exchange to avoid the coin and the token loss.
 


It is getting too late but I think telling people can still help them withdraw their money from the exchange. Although, I guess no one is using that exchange among us on this forum, but if you are using it, withdraw your coins. Or if you know someone that is using it, tell the person to withdraw his coins.

[Doan9269]

I received an email from NairaEx on the 13th of May, but I did not see it until today after the exchange sent another email that their customers should withdraw their ether and USDT on the exchange to avoid the coin and the token loss.
 

At least, this exchange even try by communicating on this before hand that their users should withdraw their coins, some will not give any notice and you will just discover that all hope is gone as the exchange is under attack, because you cannot recover your assets with them since they are custodial wallets, this i think will help others using exchanges indiscriminately without checking for their global reputation and recognition, they should know that anything can happen and if such do, they can never recover their money back, the better is to either avoid them, use a well reputed exchange and afford leaving the amount worth of asset you can afford to lose on them.

[Justbillywitt]

I received an email from NairaEx on the 13th of May, but I did not see it until today after the exchange sent another email that their customers should withdraw their ether and USDT on the exchange to avoid the coin and the token loss.
 

At least, this exchange even try by communicating on this before hand that their users should withdraw their coins, some will not give any notice and you will just discover that all hope is gone as the exchange is under attack, because you cannot recover your assets with them since they are custodial wallets, this i think will help others using exchanges indiscriminately without checking for their global reputation and recognition, they should know that anything can happen and if such do, they can never recover their money back, the better is to either avoid them, use a well reputed exchange and afford leaving the amount worth of asset you can afford to lose on them.

Every reputable exchange should do exactly what this exchange has done. I know they must have been sending this notification to their customers for about a period of time before today. This exchange has really invested in their reputation and they want to maintain their name. I had one exchange I use to trade with called SouthExchange before they shutdown their operation, they started sending us email 3 months before the day that was scheduled for their operation to stop. You know not all exchanges are criminally minded, some are really their to serve their customers and deliver quality services. But I'm wondering why this exchange is stopping usdt trading, what will an exchange look like without usdt trading in it. Usdt has one of of the highest trading volume on exchanges. I just hope that concerned customers are able to meet up with this notification.

[Spaceman1000$]

I received an email from NairaEx on the 13th of May, but I did not see it until today after the exchange sent another email that their customers should withdraw their ether and USDT on the exchange to avoid the coin and the token loss.
 


It is getting too late but I think telling people can still help them withdraw their money from the exchange. Although, I guess no one is using that exchange among us on this forum, but if you are using it, withdraw your coins. Or if you know someone that is using it, tell the person to withdraw his coins.

This my first time hearing about this exchange, seems most Nigerians haven't been using it,  because it's not publicize as others. However I like the approach they are using, at least letting their customers know what they are intending to do, they even sent a remind mail as to that effect. But am curious to know why they want to discontinue with ETH and USDT wallet on their platform, to me it looks like something sinister is going on, or is it because of the CBN clampdown on exchange companies?

[Fiasem20]

It is getting too late but I think telling people can still help them withdraw their money from the exchange. Although, I guess no one is using that exchange among us on this forum, but if you are using it, withdraw your coins. Or if you know someone that is using it, tell the person to withdraw his coins.

The exchange try as dem send notifications across to their users on time,incase anything happen the users no go blame the exchange say de exchange don carry dere coins run.Na so e suppose be,the developer of this exchange no want make ehn exchange get bad reputation,maybe the exchange get issues to sort out and e fit affect it's users coins direct or indirect so the best thing wey dem do na to send notifications give people wey dey use the exchange,make e no con be like say them wake up one morning no con see their coin,the next thing dem don talk say the exchange na scam, exactly na wetin everybody go think.Like dis wey de exchange don send notifications to it's users anybody wey no withdraw him coin b4 the exchange crash no go fit blame the exchange because e don send notifications make all the users withdraw their coins.

[Ishicryptic]

Thanks for bringing this important information to the notice of the Nigerian community in the forum, even if any of us are not using the exchange, we can still share the information to our friends who are not in this forum. I commend NairaEx, for taking the initiative to inform and later remind their customers about their decision to disable usdt and eth, although I don't think that they gave any official reasons for their decision, according to what I read in the OP, but atleast they made efforts to reach their customers.

I think that the exchange is relatively unknown, if they can build a reputation in the Nigerian crypto space, they will make a lot of money and impact, although disabling usdt is not a good business decision, unless if they are having external issues with the government. This should be a reminder for people to only leave a small amount of coins in exchanges, because if it is not your keys it's not your coins, always leave your coins in a none custodial wallet.

[Odohu]

I received an email from NairaEx on the 13th of May, but I did not see it until today after the exchange sent another email that their customers should withdraw their ether and USDT on the exchange to avoid the coin and the token loss.

Whenever and exchange or platform begin to come up with too many changes and announcements such as this, it is always a red flag for me. I understand that the crackdown on exchanges is affecting NairaEx, Luno, Naira4dollar and other exchanges that trade in NGN. Before now self, I have stopped putting my money on exchanges unless when I want to sell which I will just deposit and sell immediately. Just like you said, I will advice everyone to withdraw all their assets from Naira to their private wallet to avoid stories.

It is getting too late but I think telling people can still help them withdraw their money from the exchange. Although, I guess no one is using that exchange among us on this forum, but if you are using it, withdraw your coins. Or if you know someone that is using it, tell the person to withdraw his coins.

That exchange have been moribund for a while but you should not be surprised that many people still use it. Not many people know their way around other exchanges like those of us in this forum that are privy to information of many places we can trade. My colleagues in the office still use NairaEx because it should be one of the easiest and fastest exchanges to buy and sell in the local currency.  Before Binance came on board and changed everything, NairaEx and Luno were the most popular in Nigeria.

[Felicity_Tide]

I received an email from NairaEx on the 13th of May, but I did not see it until today after the exchange sent another email that their customers should withdraw their ether and USDT on the exchange to avoid the coin and the token loss.

It is getting too late but I think telling people can still help them withdraw their money from the exchange. Although, I guess no one is using that exchange among us on this forum, but if you are using it, withdraw your coins. Or if you know someone that is using it, tell the person to withdraw his coins.

What has gone wrong again. Seems operating an exchange under Nigeria license would cost so many of these exchanges. Though, I haven't gotten to the bottom of this by finding out what the problem was. From what Charles-Tim posted, there was no even any information regarding why they are doing things. I checked their Twitter handle and realized that their post information is only available to approved followers.

There have also been some odd reply from some users complaining about in inability to access their website. I hope many of their customers gets the information on time, so they don't lose their funds.

[Mate2237]

I have not heard or seen this NairaEx before and this is the first time I am hearing it. And normally it is not too good for anyone who is here in the forum ro know that keeping coins in exchange is dangerous and it only when you want to sell coin nai good to send coins to exchange and sell and not to keep coins in the exchange. Well as the Op said, it is not too late if the window is still open. And the way I dey see exchange operating in the country now na wahala.

[Uhwuchukwu53]

I have not heard or seen this NairaEx before and this is the first time I am hearing it. And normally it is not too good for anyone who is here in the forum ro know that keeping coins in exchange is dangerous and it only when you want to sell coin nai good to send coins to exchange and sell and not to keep coins in the exchange. Well as the Op said, it is not too late if the window is still open. And the way I dey see exchange operating in the country now na wahala.

Just as you said it all the dangers of keeping money in an exchange is very high, I was ignorance of this very act of leaving money in exchange after falling victim as the coin was later missing and couldn't not recovered it I realized the value of self custodian wallet for saving coin or any asset.
Many people operate on an exchange storing money or coin can be of risk as it could be attacks by scammers and thing is the issue if the exchange bringing in now policy that may not be favourable it affects one really need stored it money away from exchange.

[Orpichukwu]

Nah during times like this some exchange names they even appear for my face for the first time, if them been they exist self I been know no, but if nah old exchange way person been don dy use before, I mean that kind 2017 to 2018 them person fit still get something inside way fit don worth something now especially people way been dy trade with Eth that time as nah the most popular that year. 
 
Nah who they leave coin for exchange most of all this things they affect, if you get Watin to exchange the best way nah to move the coin go there when you wan trade am and make eh only be volum of the one you wan trade because you know fit predict Watin go happen next time you go wan gain access to the exchange.

[DaNNy001]

I received an email from NairaEx on the 13th of May, but I did not see it until today after the exchange sent another email that their customers should withdraw their ether and USDT on the exchange to avoid the coin and the token loss.
 

At least, this exchange even try by communicating on this before hand that their users should withdraw their coins, some will not give any notice and you will just discover that all hope is gone as the exchange is under attack, because you cannot recover your assets with them since they are custodial wallets, this i think will help others using exchanges indiscriminately without checking for their global reputation and recognition, they should know that anything can happen and if such do, they can never recover their money back, the better is to either avoid them, use a well reputed exchange and afford leaving the amount worth of asset you can afford to lose on them.

Although person never really encounter that kind issue before but I know wan even come to witness am and any exchange wey no actually drop update of how dem wan do with people coins for their hand na actually scam exchange and if that kind thing happen nai be say many people go fit even faith sef. I fit remember that one big event wey happen last year with this American exchange FTX and their major scam scandal that affected all their customers as many people no really get chance even comot their coins. Dat matter na one of the bigger event surrounding the crypto space for that particular time too

[AVE5]

I received an email from NairaEx on the 13th of May, but I did not see it until today after the exchange sent another email that their customers should withdraw their ether and USDT on the exchange to avoid the coin and the token loss.
 

At least, this exchange even try by communicating on this before hand that their users should withdraw their coins, some will not give any notice and you will just discover that all hope is gone as the exchange is under attack, because you cannot recover your assets with them since they are custodial wallets, this i think will help others using exchanges indiscriminately without checking for their global reputation and recognition, they should know that anything can happen and if such do, they can never recover their money back, the better is to either avoid them, use a well reputed exchange and afford leaving the amount worth of asset you can afford to lose on them.

Such is always expected when you're dealing with reputable exchanges and cordial to that, it's their responsibility to let everyone know what's going on via latest updates on the platform. Let's understand that the rewards of running a transparent service like such exchange is being attracted for wider range of adoptions because Investors would always want to have their funds stored in a safe wallet where the benefits of the exchange is not only made a priority but also considering the wellness of their clients.

[Igebotz]

I have not heard or seen this NairaEx before and this is the first time I am hearing it. And normally it is not too good for anyone who is here in the forum ro know that keeping coins in exchange is dangerous and it only when you want to sell coin nai good to send coins to exchange and sell and not to keep coins in the exchange. Well as the Op said, it is not too late if the window is still open. And the way I dey see exchange operating in the country now na wahala.

The site is not accessible, they stopped attending to withdrawal request, stop responding to support since last month, and all they did was blame the whole mess on the Nigeria telecom for blocking access to the site, yet those who were able to access the site with VPN where banned automatically. It's a perfect arranged rugpull using the Govemment new policy as an excuse.

[Charles-Tim]

The site is not accessible, they stopped attending to withdrawal request, stop responding to support since last month, and all they did was blame the whole mess on the Nigeria telecom for blocking access to the site, yet those who were able to access the site with VPN where banned automatically. It's a perfect arranged rugpull using the Govemment new policy as an excuse.

Can you prove this? I used VPN to access the site. Although, they sent email ty people not to use VPN but not because of anything more than how free VPN can lead to malware download and other disadvantages to people using it, not that you can not use it to access the site. If need be, I can find and screenshot it here. Anywhere you see people saying they are not able to withdraw and also banning people that are using VPN, give proof. It is hard for me not to know about this information but I did not see anything like that on the Internet. I can still access their live support. Although, the site rating is very poor and a reason not to use it.

[Igebotz]

The site is not accessible, they stopped attending to withdrawal request, stop responding to support since last month, and all they did was blame the whole mess on the Nigeria telecom for blocking access to the site, yet those who were able to access the site with VPN where banned automatically. It's a perfect arranged rugpull using the Govemment new policy as an excuse.

Can you prove this? I used VPN to access the site. Although, they sent email ty people not to use VPN but not because of anything more than how free VPN can lead to malware download and other disadvantages to people using it, not that you can not use it to access the site. If need be, I can find and screenshot it here. Anywhere you see people saying they are not able to withdraw and also banning people that are using VPN, give proof. It is hard for me not to know about this information but I did not see anything like that on the Internet. I can still access their live support. Although, the site rating is very poor and a reason not to use it.

The Twitter page is locked. You cannot see feedback from customers or complaints. The best you can do right now is use the hashtag #NairaEx on Twitter to see if you can find any customer complaints. Since they no longer have access to the official page to file complaints. If you do not have an active balance they won't care much if you use VPN or not.

The NairaEx problem has been goin on for sometime now, and the rate of complaints on their Twitter page was too many that they had no option than to Lock it to hide their scam activities.

[Coyster]

The NairaEx problem has been goin on for sometime now, and the rate of complaints on their Twitter page was too many that they had no option than to Lock it to hide their scam activities.

I just checked the internet to find reviews about this exchange, and it is safe to say that it is a scam, there are so many complaints, not just the ones from a few months ago, but some as way back as 2 or more years ago.

I haven't heard about this exchange until i saw this thread and i can see that they have a physical headquarters in Abeokuta, the capital of Ogun state, i don't know if some of these victims have visited their HQ, and what the response was, i can't find any info on that yet.