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Friday, February 3, 2023

AAX Office Ravaged By Clients

The AAX cryptocurrency exchange experienced an operational halt

In the matter of its operational halt, AAX assured users that it would refund all their funds, but this did not stop investors from storming the exchange’s office in Lagos demanding a further explanation. The group was seen holding placards and chanting anti-AAX slogans as they gathered at AAX’s office.

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To be fair to the exchange, AAX had earlier issued a statement on its website promising to return all its clients’ cryptocurrency assets within 72 hours of an official announcement by Nigerian authorities regarding the ban on virtual currencies such as bitcoin in Nigeria. This was after various local cryptocurrency exchanges were raided by law enforcement agencies for allegedly operating without regulatory approval from Nigeria’s central bank — The Central Bank of Nigeria (CBN), which is responsible for overseeing all banks within Nigeria’s economy.

AAX Faces Heat

AAX assured users that it would refund all their funds. The exchange held meetings with some of its clients in Lagos on Oct. 19, during which management said they would continue to monitor developments in the crypto markets and will keep clients updated on a resolution.

A few days after the meeting, AAX released another statement on its website announcing that it was suspending all operations until further notice due to “the continued volatility and uncertainty” surrounding cryptocurrencies.

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The exchange held meetings with some of its clients in Lagos on Oct. 19, during which management said they would continue to monitor developments in the crypto markets and will keep clients updated on a resolution.

AAX assured users that it would refund all their funds, including both deposits and withdrawals. Further, the exchange said that it will credit trading fees back to user accounts as soon as possible.

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