UPDATE: Binance Disables The Naira Feature On Its P2P Market

Date: 29-02-2024 12:59 pm (1 month ago) | Author: onuigbo felicia
- at 29-02-2024 12:59 PM (1 month ago)
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Binance, a widely used crypt exchange with over 170 million users worldwide disabled its peer-to-peer feature for Nigerian users.

Known as the P2P market, the network lets users, buyers, and sellers transact without the intervention of a third party. It gained popularity among Nigerians in 2021 after former president Buhari’s administration outlawed the country’s vibrant Crypto industry.

Following the swift depreciation of the naira, which contributed to inflation reaching an almost three-decade high of 29.9%, the FG shifted its attention to websites that offered cryptocurrency services. These websites have become a viable option for engaging in trade and setting an informal value for the naira.

Concerns were expressed by the Central Bank of Nigeria regarding the $26 billion that came through Binance Nigeria from “unidentified sources” in the previous year.

“In the case of Binance, $26 billion has passed through Binance Nigeria in the last year alone from sources and users who we cannot adequately identify,” stated CBN Chief Olayemi Cardoso.

The head of CBN also suggested that the Office of the National Security Adviser (NSA), the Securities and Exchange Commission (SEC), the Police, and the Economic and Financial Crimes Commission (EFCC) work together to combat such illegal financial activities.

To stop what it views as ongoing manipulation of the foreign exchange market and unlawful money transfers, the Federal government recently disabled the websites of Binance and other cryptocurrency companies.

Two senior Binance officials have been detained in Nigeria as the nation looks to crack down on cryptocurrency exchanges to tame the speculation of the naira

After Nigeria decided to outlaw several bitcoin trading websites last week, the CEOs took a plane to Nigeria. However, the national security adviser’s office apprehended them and confiscated their passports.

Posted: at 29-02-2024 12:59 PM (1 month ago) | Addicted Hero
- kp45 at 29-02-2024 02:15 PM (1 month ago)
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Posted: at 29-02-2024 02:15 PM (1 month ago) | Addicted Hero
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- gogoman at 29-02-2024 11:28 PM (1 month ago)
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Posted: at 29-02-2024 11:28 PM (1 month ago) | Grande Master
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