April 19, 2024
Latest Cryptocurrency News

Nigeria Plans Binance Ban Over Forex Market Concerns

In response to mounting concerns over the potential exploitation of digital asset trading platforms for forex market manipulation, Nigerian authorities are contemplating the prohibition of crypto exchanges, including global giant Binance. The move is prompted by worries about criminals exploiting these platforms to undermine the stability of the national fiat currency, the naira, as reported by Premium Times Nigeria.

Apart from economic implications, authorities have expressed unease over potential national security threats, pointing to instances where criminal organizations have reportedly utilized crypto platforms for ransom payments.

This development follows recent proactive measures taken by Binance in Nigeria. The exchange imposed limits on the selling price of Tether (USDT) on its peer-to-peer platform. In a blog announcement addressed to Nigerian users on February 20, Binance emphasized its commitment to collaboration with local authorities. The statement indicated that Binance is actively working with officials, lawmakers, and regulators to address issues of non-compliance.

Binance’s initiative aligns with the broader efforts of the Office of the National Security Adviser and the Central Bank of Nigeria (CBN), which have joined forces to tackle challenges impacting economic stability. The joint initiative aims to enhance oversight of local trading platforms in response to heightened volatility in the local markets, underscoring the commitment of both regulatory bodies to address potential threats to the country’s financial well-being.

Image from Wikimedia Commons

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