Couple days back there has been trading hashtags like #Binancestopscammingnigerians on the bird app (twitter) in which affected parties came out airing their views on how unhappy they have been with binance seizing their funds with many claiming (can't verify this) to having their life savings frozen and they can't have access it on the exchange, there were screenshot and some unprofessional respond from the Binance support team.

Well it has been sang numerous times of not using exchange as wallet, I believe we still have a majority of users doing that especially the new incoming users that make use of centralized exchange for buying of coins and just deciding to hold there for easier selling especially in underdeveloping countries.

We need to do more in enlightening users on the disadvantages of centralized platform for storing of coins. We owe it to them as experience users and those who had been in the system before their arrival. This centralized exchange keep tempting them with juicy offers like staking, airdrop and assurance of their funds been secure yet they throw them under the bus with the easiest given opportunity.

Many Nigerian funds were frozen without prior warning and it took the power of social media before the Binance teams came up with a message apologizing and given reason for the mass restrictions on accoun, just to quote a statement of interest.


While there was hundreds of complaints with screenshot they have come out with this excuses. That's an unrealistic number to be associated with fraud, It's unfair for exchange to just go around freezing people account. I'm pretty sure many must have lost a huge percentage of profit to the recent decrease in market. Is 2022 and centralized Exchanges are still bullying their customers something has to be done.

Some people are using centralized exchanges but they fraudsters, just that they do not know how centralized exchanges are designed. Some of them do not even know what private key is, not to talk of seed phrase. I have interacted with many fellow Nigerian friends, I am pretty sure that almost 70% or more (I guess) of Nigerians do not know the technical aspects of bitct and other cryptocurrencies, only few of us know it.

If the funds of some good people are also freezed, it is not their key, it is not their coin on blockchain, it is Binance that owns the coins on blockchain and they can overide any customers control which will lead to freezing of blocking of users account. The best is to use noncustododial wallet if they want to have the full control, it will be their keys and their coins on blockchain.

I always tell my friends the differences, non of them ever known the differences, all they want is that they want to buy bitcoin. They do not even know the differences between exchanges and wallets, not to talk of custodial wallets and noncustododial wallets. I remembered a girl that told me about a guy that recommended Binance for her that his coins has been on the exchange for 2 years and nothing happened, that it is a good exchange. I always find it difficult with my fellow Nigerians about cryptocurrencies, they are only following the trends but not knowing the privacy and security aspect.

As soon as binance started imposing the strict KYC requirements. I had a feeling it was another Bittrex in making, so I moved most of my trading funds out of the exchange. With all the signals they have given to go fully compliant. It means they will freeze people's funds at any time any law enforcement agency requests.

Truth be told as we try to get more individual into the industry, there'll be people that there only interest will be to profit from the industry. This individual careless about the technicality of the industry and might be victim in the future. Obviously they have to be innocent victim among the accused. I trade P2P on a daily and knows the risk involved, some of the accused properly have no ideal about the stolen funds if that's the cause of the intervention and you can't blame them for not knowing.

Africa is known for its high interest in peer2peer transaction, obviously there'll be some scammers and fraudulent taking advantage of this that doesn't mean you go punishing the wrong individuals.


But were they given the room to trade their coins to stablecoin before the restrictions commence. Altcoins are unlikely to recover and we know the majority trade altcoins instead of Bitcoin. If they were given a warning excluding withdrawal from the exchange but atleast a chance to keep their coins in stable form because nobody knows how long the investigation will take and binance wouldn't have come out unless the campaign began on Twitter in the first place. You need to see the screenshots (although some might be edited) but you'll really see people devastated. 

It wouldn't be if regulators are investigating bitcoin transactions linked to those people and to avoid complications, Binance officials will be mute and freeze the account until the whole investigation is done.

Um.. not really...
Do you realize that the coins in the cex account are only entries in a database, associated with an account id?
Do you realize that after one deposited coins there, those coins can be spent (by cex) for other users' withdrawals, still his account id keeps track about his current amount of coins?
All the trades done by that account are also part of the same database, linked to the same account id.
So tracing the coins should be easy, no matter they are Bitcoin or USD pegged whatever.

Maybe the Nigeria you worked at or visited isn't in this planet, Maybe you were in the multiverse. No where is your money save in the bank, the scams happen all over the world and not just Nigerian. Sure there was a time it became a problem as majority were engaging themselves in fraudulent activities but that was many years back. The Nigerian in the cryptocurency space today aren't scammers but determined individuals that have taken it upon themselves to escape the prison called working for the government.

You don't justify punishing this guys because their forefathers committed a crime they know nothing of, I'm disappointed by your comment. This is just like me supporting some individuals that decide to enslave some white folks because their forefathers did the same to my people. Today it's Nigerian tomorrow it might be you or some other countries.


Binance has been active in Africa of recent in trying to expand so personal I didn't understand their decision to cause such discomfort in a market they're trying to conquer.  I don't think there's any development on this issue especially positive one.