Binance Suspends Accounts in Africa, #BinanceStopScamming Trends on Twitter

Binance Africa said that theyโ€™re investigating wrongly suspended accounts and have provided a broad explanation.

There have been over 130 tweets in the last hour calling for Binance to “stop scamming,” as the worldโ€™s largest crypto trading platform has been suspending or even blocking accounts of African, largely Nigerian, users.

Other users posted that โ€œscammers should stop complaining about being scammed,โ€ and that the closed accounts belonged those who committed fraud or had relation to scam activities. Some of the users tweeting and retweeting the hashtag, actively accused Binance of stealing, were promoting the โ€œCrypto Africa Betโ€ betting website.

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Despite how it looks however, it does seem that Binance could have suspended the accounts of some innocent users as well. The most common reasons for account suspension on the platform include risk control, P2P violations, and ToU (terms of use) violations.

One shocked twitter user shared a screenshot of their chat with a Binance representative, which read:

โ€œWe would like to take the opportunity to remind you that by accessing Binance Services, you agree that Binance has the right to freeze your account without your consent or prior notice as per the Terms of Use.โ€

Binance Africa have claimed that theyโ€™re investigating reports of wrongly suspended accounts, and provided a broad explanation:

โ€œUser security is our top priority. At times, we proactively restrict accounts to protect users' funds. Other times, we have to restrict accounts at the request of law enforcement. But never will we restrict accounts without good reason.โ€

On the Flipside

  • Only two days ago, on Tuesday, January 25th, Binance released a blog post about their educational achievements in Africa. Binance has provided free crypto classes to over 400,000 Africans since January 2020.ย 

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.