Binance Collaborates with Nigerian Government to Regulate Dollar-Naira Exchange. Cryptocurrency giant, Binance, has announced its collaboration with the Nigerian government to address non-compliance issues on its platform in accordance with the country’s regulations.
In a statement titled “Commitment to P2P Users in Nigeria,” Binance emphasized its commitment to removing users engaging in manipulative behavior from the platform, stating that it is working closely with local authorities, lawmakers, and regulators to ensure compliance.
The crypto exchange platform outlined various measures it is implementing, including setting upper limits for ads, filtering and removing bad ads, and requiring higher deposits for merchants posting ads, as well as taking action against market manipulators.
On Tuesday, Binance took further steps by disabling the sell option for Nigerian users, preventing them from selling fiat currency, USDT, on the platform, and capping the buy option at $1802. Additionally, it suspended the purchase of cryptocurrencies via P2P for Nigerian users, leaving those looking to sell their crypto assets stuck.
This move is seen as part of the government’s efforts to address the depreciation of the naira against the dollar. Sources close to the Nigerian government have highlighted cryptocurrency as a means for individuals to bypass measures aimed at increasing dollar liquidity.
Ayo Oyalowo, a member of the APC’s presidential campaign council, criticized cryptocurrency speculation, citing its impact on the value of the naira against the dollar during an interview with Channels TV.
Earlier on Tuesday, the National Security Adviser, Nuhu Ribadu, directed law enforcement agencies to take decisive action against individuals involved in foreign exchange market speculation, emphasizing the need to safeguard Nigeria’s economic stability and combat speculative activities.
