Binance: Regulatory Scrutiny in Nigeria on Crypto Ban

5 views 11:45 am 0 Comments February 22, 2024

Bayo Onanuga, an adviser to Nigeria’s President Bola Tinubu
on information and strategy, has ignited a contentious debate by calling for a
ban on cryptocurrency trading platforms including Binance, KuCoin, and others
within the country.

Onanuga’s call for the ban surfaced on X social media
platform where he alleged that these platforms have been manipulating Nigeria’s
fiat currency, the naira, contributing to its ongoing decline in the forex
market. The adviser accused users of being unpatriotic when engaging in trading
activities on Binance, particularly targeting the Economic and Financial Crimes
Commission (EFCC) and the Central Bank of Nigeria (CBN) to intervene swiftly
and put a halt to cryptocurrency exchanges in the country.

In his post titled “The Naira-Dollar Manipulators,” Onanuga
urged for urgent action, stating: “The EFCC and the CBN should move
against these platforms trying to manipulate our national currency to Ground
Zero. Crypto should be banned in our country, or else this bleeding of our
currency will continue unabated.”

He further highlighted the regulatory scrutiny Binance faces in
various jurisdictions and argued against granting it the authority to determine
the value of the naira on its platform. However, Binance countered these
claims, emphasizing that its platform operates based on market dynamics and is
not intended to influence currency pricing in Nigeria.

Crypto Users in Nigeria Face Exchange Access Issues

The call for a ban comes amidst reports of difficulties
faced by crypto users in Nigeria accessing various exchange websites, including
Binance and OctaFX, fueling
speculation of an impending government intervention. Binance, responding to the
situation, reassured users via email that while the online platform experienced
disruptions, its app remained operational. The exchange affirmed its commitment
to engaging with regulators to address concerns and promote transparent
dialogue regarding cryptocurrency
operations in the country.

Furthermore, recent issues arose regarding the trading of
USDT tokens on Binance’s peer-to-peer (P2P) platform, with traders experiencing
limitations in selling above a certain price threshold. Binance attributed this
to an automatic system pause, refuting claims of deliberate manipulation.

Bayo Onanuga, an adviser to Nigeria’s President Bola Tinubu
on information and strategy, has ignited a contentious debate by calling for a
ban on cryptocurrency trading platforms including Binance, KuCoin, and others
within the country.

Onanuga’s call for the ban surfaced on X social media
platform where he alleged that these platforms have been manipulating Nigeria’s
fiat currency, the naira, contributing to its ongoing decline in the forex
market. The adviser accused users of being unpatriotic when engaging in trading
activities on Binance, particularly targeting the Economic and Financial Crimes
Commission (EFCC) and the Central Bank of Nigeria (CBN) to intervene swiftly
and put a halt to cryptocurrency exchanges in the country.

In his post titled “The Naira-Dollar Manipulators,” Onanuga
urged for urgent action, stating: “The EFCC and the CBN should move
against these platforms trying to manipulate our national currency to Ground
Zero. Crypto should be banned in our country, or else this bleeding of our
currency will continue unabated.”

He further highlighted the regulatory scrutiny Binance faces in
various jurisdictions and argued against granting it the authority to determine
the value of the naira on its platform. However, Binance countered these
claims, emphasizing that its platform operates based on market dynamics and is
not intended to influence currency pricing in Nigeria.

Crypto Users in Nigeria Face Exchange Access Issues

The call for a ban comes amidst reports of difficulties
faced by crypto users in Nigeria accessing various exchange websites, including
Binance and OctaFX, fueling
speculation of an impending government intervention. Binance, responding to the
situation, reassured users via email that while the online platform experienced
disruptions, its app remained operational. The exchange affirmed its commitment
to engaging with regulators to address concerns and promote transparent
dialogue regarding cryptocurrency
operations in the country.

Furthermore, recent issues arose regarding the trading of
USDT tokens on Binance’s peer-to-peer (P2P) platform, with traders experiencing
limitations in selling above a certain price threshold. Binance attributed this
to an automatic system pause, refuting claims of deliberate manipulation.