July 13, 2024

Why is My Binance not Opening???

Fear and panic throughout Nigeria as numerous crypto traders, reliant on Binance for their daily transactions, find themselves unable to access or gain entry into their accounts. This widespread disruption is causing significant concern among the trading community, with uncertainty prevailing over the status of their funds and transactions.

According to the current news, Binance has been shut out of Nigeria after they recently announced a collaboration with the administration of President Bola Tinubu to restrict Nigerians from trading their Naira for dollars on its platform.

In a statement addressing its commitment to users in Nigeria, Binance emphasized the importance of preventing manipulative behavior, stating that those found engaging in such activities would be removed from the platform. The company highlighted its cooperation with local authorities, lawmakers, and regulators to ensure compliance with regulations.

To address concerns about market manipulation, Binance outlined several measures, including setting limits on advertisements, filtering out inappropriate ads, and increasing deposit requirements for merchants. Additionally, the platform pledged to act against any individuals manipulating the market.

Recently, Binance took steps to limit the options available to Nigerian users, including turning off the sell option for fiat currencies like the US Dollar Tether (USDT) and capping the buy option at $1802. Furthermore, the platform suspended the purchase of cryptocurrencies through peer-to-peer (P2P) transactions, potentially leaving users who wish to sell assets like Bitcoin, BNB, or Ethereum via P2P transactions in a difficult situation.

As numerous Nigerians voice their discontent about the app’s persistent failure to open, others are growing increasingly anxious about the inability to reach their funds stored within the platform. This combination of technical issues and financial worries is causing significant distress among users.

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