Users from Nigeria who use the cryptocurrency exchange AAX reportedly attacked the company’s offices in Lagos after it blocked withdrawals on November 12.
They then began beating personnel. Just a few days after the Nigerian crypto and blockchain advocacy group advised them to desist from harassing personnel at the cryptocurrency exchange, it was reported that dissatisfied AAX users had harassed those workers. In the meantime, the previous vice president of AAX tweeted that the company’s “brand is no longer and trust is broken.”
What Is AAX?
AAX is a digital asset trading platform that allows users to trade Bitcoin as well as more than 20 other leading cryptocurrencies against one another. It is possible to buy and sell cryptocurrencies on AAX’s P2P marketplace in return for fiat currencies such as dollars and euros.
A Futures market is also available through the AAX, which enables investors to speculate on future price fluctuations and trade with a high degree of leverage. AAX is the first cryptocurrency exchange in the world to employ the same matching engine as the London Stock Exchange and other traditional financial markets.
Other traditional financial markets include the New York Stock Exchange and the Tokyo Stock Exchange. Because of this, AAX is both quick and dependable. In everyday terms, this indicates that AAX is capable of managing high volumes of visitors and trades on its platform.
The process of opening an account with AAX couldn’t be simpler. You will be able to make fast deposits, trades, and withdrawals of up to one Bitcoin each day after signing up and verifying your email address or phone number.
You will be granted access to our P2P market place, where you will be able to purchase and sell cryptocurrencies for fiat currency, and where you will be able to withdraw up to 5 BTC on a daily basis if you assist us in verifying your identity by presenting your government-issued ID and proof of address.
Users from all around the world can take advantage of specialised trading bots and a comprehensive range of cryptocurrency services offered by the AAX cryptocurrency exchange. This trading platform provides a variety of goods, including on-ramping and off-ramping of cryptocurrency, a full futures market, and other services.
A high interest rate can also be earned through the use of an AAX savings account and the AAX futures market. Crypto charting software from TradingView is made available through the AAX exchange. This software contains a variety of indicators, advanced trading tools, and chart pattern overlays that are suitable for use in spot trading as well as futures trading technical analysis.
The trading programme is downloadable for use on mobile devices running Android and iOS. The exchange formed a partnership with Solidus Labs in order to provide its traders with software that detects and reports instances of market manipulation. The AAX spot trading provides access to fifty different market pairs.
When users trade on the platform, they will have access to fully free transactions, and this will be the case not only for maker orders but also for taker orders and for all trading volume categories. As a result of its unprecedented reliability and lowest latency, the exchange is well suited for use by institutional traders, experienced traders, and novice traders alike.
On the AAX cryptocurrency exchange, newly registered users have the ability to first create an account, after which they are able to acquire Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Tether (USDT), as well as other cryptocurrencies.
AAX supports a variety of fiat currencies, including Canadian Dollars, United States Dollars, Australian Dollars, British Pounds, and Euros, and provides several payment ways for traders. The availability of certain payment methods, such as credit cards, debit cards, or bank transfers, is contingent upon the user’s place of origin.
What Exactly Happened in Nigeria?
A gang of dissatisfied Nigerian users of Atom Asset Exchange (AAX) recently invaded the headquarters of the cryptocurrency exchange in Lagos, Nigeria, and assaulted employees, according to a report from the local area. According to reports, the irate mob requested that a freeze on withdrawals, which had taken effect on November 12 of this year, be lifted.
Legit published a story on December 2 that, despite the fact that it does not specify the date on which the incident took place, lends credence to an earlier request that was made by the advocacy group Stakeholders in Blockchain Technology Association of Nigeria (SIBAN).
In the public notification it issued on November 28, SIBAN encouraged customers of the struggling cryptocurrency exchange to avoid victimising the personnel at AAX. Additionally, it was disclosed by the advocacy group that the senior executives of the cryptocurrency exchange with headquarters in Hong Kong had severed communication with their employees located in Nigeria.
Have AAX Users Been Updated?
During this time, the advocacy group sent a note to AAX and its founders in which they reminded the cryptocurrency exchange of its responsibilities toward its customers.
In addition, the notification outlined a few actions that AAX and its employees in Nigeria need to follow in order to win back the confidence of the general public.
“If protecting users is AAX’s highest priority as it boasts in its public announcement, then AAX should immediately take steps to close the gaps by bridging communication between itself and its local staff in Nigeria on the one hand, and between AAX and its Nigerian users on the other hand,” the public notice from SIBAN stated. “
If protecting users is AAX’s highest priority, then AAX should immediately take steps to close the gaps by bridging communication between itself and its local staff in Nigeria on users were informed by AAX in its most recent update (dated November 18) that the exchange required “additional time to reply to the enormous volume of inquiries in the community” since “many new developments” had occurred since the previous update.
When asked about this at the time, AAX stated that it would provide additional updates through the proper channel that is designated for public announcements and updates. At the time this article was written, the cryptocurrency exchange had not yet distributed any recent upgrades.
The abrupt departure of the vice president of the cryptocurrency platform, Ben Caselin, as well as his statements that the “brand is no more and trust is gone” have stoked concerns that the cryptocurrency exchange may not restart operations anytime soon.
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