🌎 Nigerian Government Considers Blocking Binance and Other Crypto Firms

The Nigerian government is reportedly contemplating the idea of blocking Binance and other cryptocurrency firms in an effort to prevent forex market manipulation and illicit fund movement.

Crypto exchange Binance and other digital asset trading platforms are at risk of being banned in Nigeria, as local authorities are exploring ways to combat forex market manipulation, as reported by Premium Times Nigeria.

The decision is a response to concerns about criminals exploiting crypto trading platforms to destabilize the naira, Nigeria’s fiat currency. In addition to economic implications, authorities are worried about national security, with reports of criminal organizations using crypto platforms for ransom payments.

The recent measures taken by Binance, such as imposing a limit on the selling price of Tether (USDT) on its peer-to-peer platform in Nigeria, indicate the exchange’s commitment to collaboration with local authorities. In a blog announcement to Nigerian users, Binance emphasized its dedication to working with authorities, lawmakers, and regulators to ensure compliance.

Following the collaboration between the Office of the National Security Adviser and the Central Bank of Nigeria (CBN), efforts are being made to address challenges affecting economic stability. The joint initiative aims to enhance oversight of local trading platforms in response to increased volatility in the local markets.