Fun

Binance drops naira from P2P platform amid government scrutiny

News Feed - 2024-03-01 05:03:10

Amaka Nwaokocha37 minutes agoBinance drops naira from P2P platform amid government scrutinyThe removal of the naira by Binance from its P2P market came amid claims by Nigerian authorities that the platform contributed to the devaluation of Naira.296 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksCryptocurrency trading platform Binance has removed the Nigerian currency, the naira from its peer-to-peer (P2P) feature. 


Binance users in Nigeria have taken to the X social platform to complain and express concerns about the development. The removal of the naira by Binance from its P2P market came amid claims by Nigerian authorities that the platform contributed to the devaluation of Naira. 


Presidential adviser Bayo Onanuga said Binance would destroy the Nigerian economy if not stopped because it arbitrarily fixes foreign exchange rates.


The P2P feature allows users, buyers, and sellers to trade without involving a third party. It became popular in Nigeria in 2021 following the government’s ban on the country’s thriving crypto industry during former President Buhari’s administration.Screenshot of Binance user complaint on the X platform   Source: silasadedoyin


Due to the rapid decline of the naira and the resulting almost three-decade-high inflation of 29.9%, the government turned its focus to platforms providing cryptocurrency services. These websites have become famous for trading and establishing an informal value for the naira.


Crypto users in Nigeria had earlier reported difficulty accessing different crypto exchange websites, including Binance, OctaFX and others. A few days later, Binance set a limit on the selling price of Tether (USDT) tokens on its peer-to-peer (P2P) platform, leaving traders unable to sell USDT above 1,802 naira per USDT.


However, contrary to speculation by the local crypto community, the exchange explained that the price peg was due to an automatic system pause.


Related:Nigerian central bank head criticizes Binance, execs reportedly arrested


Binance is under increased scrutiny in Nigeria as the Central Bank of Nigeria (CBN) expressed concerns about “suspicious flows” of funds through Binance Nigeria in 2023. CBN head Olayemi Cardoso highlighted that $26 billion had passed through Nigeria via Binance IN 2023 from unidentified sources and users.


There are also reports that the National Security Adviser (NSA)’s office has detained two senior Binance officials in Abuja as the nation looks to crack down on cryptocurrency exchanges to tame the speculation of the naira.


Local crypto analysts have expressed disappointment in the government’s crypto-unfriendly approach to resolving the nation’s foreign exchange challenge. A Nigerian crypto enthusiast said on X that the nation’s financial problems will persist if it continues antagonizing cryptocurrencies and failing to focus on manufacturing and exporting.


Cointelegraph has contacted Binance for comment.


Magazine:Bitcoin in Senegal: Why is this African country using BTC?# Blockchain# Cryptocurrencies# Business# Government# Nigeria# Cryptocurrency Exchange# BinanceAdd reactionAdd reactionRead more

News Feed

UK exit poll suggests Labour Party victory, next PM Keir Starmer
Turner Wright2 hours agoUK exit poll suggests Labour Party victory, next PM Keir StarmerAccording to a BBC exit poll after a July 4 general election, Labour was set to oust the Conservatives for the first time in 14 year
Arijit Sarkar11 hours agoOnyx Protocol exploiter begins siphoning $2.1M loot on Tornado CashThe bug the Onyx Protocol hacker exploited to steal $2.1 million was previously used by a hacker to extort $7 million from Hundr
Billionaire Thomas Peterffy Plans to Buy Bitcoin Despite Concerns BTC Could ‘Become Worthless or Outlawed’
Billionaire Thomas Peterffy Plans to Buy Bitcoin Despite Concerns BTC Could "Become Worthless or Outlawed" Billionaire Thomas Peterffy, founder of Interactive Brokers, says he plan
Tokenized US Treasurys grew to $845M in 2023 — CoinGecko
Ezra Reguerra12 hours agoTokenized US Treasurys grew to $845M in 2023 — CoinGeckoThe market capitalization of tokenized United States Treasurys grew from $114 million in January 2023 to $845 million by December.1258 To
Value Locked in Defi at Its Lowest Point Since March 2021, Smart Contract Tokens Shed $22 Billion in 36 Days
Value Locked in Defi at Its Lowest Point Since March 2021, Smart Contract Tokens Shed $22 Billion in 36 Days Smart contract platform tokens and decentralized finance (defi) protoco
A Step-by-Step Guide on How to Access Your ETHW Tokens if You Held ETH Before The Merge
A Step-by-Step Guide on How to Access Your ETHW Tokens if You Held ETH Before The Merge With the new Ethereumpow (ETHW) network launch, ethereum holders are eligible to receive a s
Amaka Nwaokocha12 hours ago‘Premier’ crypto cop CFTC reveals record-setting digital asset enforcement in 2023The statement released by the CFTC shows that about 50% of the cases brought to its attention in 2023 invol
Hackers Used Deepfake of Binance CCO to Perform Exchange Listing Scams
Hackers Used Deepfake of Binance CCO to Perform Exchange Listing Scams A set of hackers managed to impersonate Binance chief communications officer (CCO) Patrick Hillmann in a seri
Shark Tank’s Kevin O’Leary Advises How to Get Into Bitcoin — Crypto Now 10% of His Portfolio
Shark Tank"s Kevin O"Leary Advises How to Get Into Bitcoin — Crypto Now 10% of His Portfolio Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has some advice on how to ge
XRP Price Sets Bullish Flag Continuation On The Daily Chart, Next Stop $10?
Este artículo también está disponible en español. The XRP price has been one of the best altcoin performers over the last few months, going from below $0.6 to over $2.8 i
David Attlee10 hours agoExistential threat? Why some banks are anxious about CBDCsThe prospect of a retail CBDC has some major banks anxious over their revenue streams.638 Total views11 Total sharesListen to article 0:00
William Suberg15 hours agoBitcoin analysis predicts ‘spicy’ BTC price into FOMC as $27K holdsBitcoin market gurus anticipate BTC price volatility to hit around the latest FOMC interest rates decision and Fed press co