Binance crypto trading platform blocks dollar-naira exchange, confirms working with Tinubu's govt and Nigeria FX regulators. Imagy via unsplash
The Number one biggest cryptocurrency trading platform, Binance, has announced its collaboration with the government of president Tinubu to dollar-naira trading on Binance. Binance bans P2P users in Nigeria
The crypto-trading platform said on Tuesday that Nigerian “users behaving in a manipulative way will be removed from the platform” as it’s committed to regulating “P2P users in Nigeria”.
“As industry leaders we are working hand in hand with local authorities, lawmakers, and regulators to ensure we act on non-compliance,’’Binance confirmed in an announcement on Tuesday. Binance bans P2P users in Nigeria.
It further said it is “setting an upper limit for ads, filtering and removing bad ads, requiring and raising deposits for merchants posting ads as well as processes for actioning against any market manipulators.”
Also, in its commitment to working with the Nigeria FX regulators, Binance, on Tuesday, disabled sell option for its Nigerian users, blocking them from selling fiat currency, USDT, on its platform limiting the buy option for Nigerian users to $1802. Binance bans P2P users in Nigeria
Binance also disabled P2P purchase of cryptocurrencies for its Nigerian users, which, however, now block users from selling their crypto assets via P2P.
Due to the continuous decline of the Naira against the dollar in the forex exchange market, the Tinubu-led government has tirelessly sought ways to stabilise the currency.
The Naira/dollar declining trend has continued even after the Economic Financial Crimes Commission (EFCC) had stopped the activities of currency speculators at Abuja Bureau De Change centre on Monday.
Consequently, the National Security Adviser, Nuhu Ribadu, has in an issued statement on Tuesday directed law enforcement agencies to scout anyone illegally involved in foreign exchange market speculation. Binance bans P2P users in Nigeria
The statement said, “In a concerted effort to safeguard Nigeria’s foreign exchange market and combat speculative activities, the Office of the National Security Adviser and the Central Bank of Nigeria are joining forces to address challenges impacting the nation’s economic stability.
“The CBN’s proactive measures to stabilise the foreign exchange market and stimulate economic activities have been commendable. However, the effectiveness of these initiatives is being undermined by the activities of speculators, both domestic and international, operating through various channels, thereby exacerbating the depreciation of the Nigerian naira and contributing to inflation and economic instability.” Binance bans P2P users in Nigeria
Binance’s stern decision to block Nigerian users on its platform from trading USDT had come as the naira hit its all-time low value— trading at N1902 per dollar on Tuesday.
Note: The Former President, Muhammadu Buhari, banned cryptocurrency trading in Nigeria in 2021, which was lifted in December 2023 under President Tinubu’s directive to the CBN. Binance bans P2P users in Nigeria
