The Economic And Financial Crime Commission (EFCC) has received a petition against an Estonia Crypto firm for defrauding lots of Nigerians of their bitcoin an allegedly arbitrary account closure without reservations.
Meanwhile, the country apex bank governor had once warned the citizens that the people buying cryptocurrencies are gamblers.
I am not sure how they can simply close down user accounts without giving a proper response and just citing just terms of service violation, it looks really shady from the information that is out there, but paxful is in business for some time and i am hearing about this for the first time, i personally never used their service, but closing down legit users with funds and never return them is insane.
Paxful said that there is a reason for those suspended/blocked accounts but they do not give the exact reason as I can see from the news. Account suspension with no clear reasons and without informing the owner of account is a bad service. I have never tried this service as well to be honest, but this kind of news which makes people worry to invest their money into bitcoin.