Binance, the World’s biggest cryptocurrency trading platform, has confirmed collaborating with President Bola Tinubu’s administration to block Nigerians from dollar-naira trade on its platform.

Binance disclosed this in an announcement on its “commitment to P2P users in Nigeria” on Tuesday, warning that “users behaving in a manipulative way will be removed from the platform.”“As industry leaders,” Binance said, “We are working hand in hand with local authorities, lawmakers, and regulators to ensure we act on non-compliance.’’

The crypto exchange platform further said it is “setting an upper limit for ads, filtering and removing bad ads, requiring and raising deposits for merchants posting ads as well as processes for actioning against any market manipulators.”

On Tuesday, Binance disabled sell option for its Nigerian users, blocking them from selling fiat currency, USDT, on the platform. It also capped the buy option to $1802 for Nigerian users.

It also disabled purchase of cryptocurrencies via P2P for its Nigerian users, leaving those who might want to sell their crypto assets such as Bitcoin, BNB, Ethereum via P2P stuck.

alanih:
News source

Thissystem:
We need more measures to improve the economy

There should be urgent review of the current economic and monetary policies.

burp18:


There's just too many sides to this
Nigeria imports literally everything and exports nothing.

ozowarac:
That's a big lie Nigeria exports a lot of things too but in some quantities.

Penguin2:
Lol!

Tinubu and his bunch of touts think they can arrest the falling Naira through the barrel of the gun.

Bunch of fools!

burp18:


There's just too many sides to this
Nigeria imports literally everything and exports nothing.

Faiththatworks:
I'm sure the people writing this article don't have a binance account,they just come online and report fabricated stories to scare people.

Faiththatworks:
I'm sure the people writing this article don't have a binance account,they just come online and report fabricated stories to scare people.
I bought usdt now on binance just to test if there's any ban on purchase and I sold some usdt on Monday without any issues.
I repeat what I wrote earlier today, binance is one of the major manipulators and speculators of our Currency,the Naira.
The rate at which they manipulate prices on that exchange is criminal,infact they are worse than the BDC.
Like someone wrote on a comment I made, yesterday it was 1700 to 1$ usdt,today it's near 1800 and I'm sure tomorrow it will be 1900.
I ask again,which economic activities are they doing that allows the exchange manipulate the Naira so blatantly,it's economic Terrorism.
Let binance show Nigerians the economic indices,the Algorithm,and the individuals in the Binance Economic Team that determine the daily value of the Naira to any crypto.
It's very very absurd for any entity to have the right to just wake up every day and assign a value to the Nigerian currency without having any methodology known to Government.
I believe that's what is called speculation.
Binance is very useful to me but I will never ever encourage the daily speculation going on in that exchange.
Binance must subject itself to some form of government regulation if it wants to continue operations In Nigeria,infact like I said earlier it must fix it's crypto value to the daily exchange rate release by the CBN,not the crazy bureau de change operators.
This is time to take patriotism over profit.
God bless my country Nigeria........

Front0lane:
As strong n stable as the Rand is against the dollar you will bever see anybody in SA with dollar. Their bank do not have or allow dorm acct in any currency.

I wonder what intelligence Tinubu/Cardoso need to close all foreign currency domicile acct n make them illegal with the dollar situation in Nigeria. Nigerians do not need dorm account to pay fees abroad, all you need is have your bank do the transaction on your behalf once you pay the equivalent that is how I transfered fund from SA to USA n that is how I was paid when receiving money from the USA in SA.

I wonder why dollar should be made an alternative legal tender in Nigeria with the foolish CBN governor acting like a novice.

a4cube:
Both Tinubu and Cardoso use the dom account for their illicit deals so they cannot ban it. Thier hands are not clean as well.

Faiththatworks:
I'm sure the people writing this article don't have a binance account,they just come online and report fabricated stories to scare people.
I bought usdt now on binance just to test if there's any ban on purchase and I sold some usdt on Monday without any issues.
I repeat what I wrote earlier today, binance is one of the major manipulators and speculators of our Currency,the Naira.
The rate at which they manipulate prices on that exchange is criminal,infact they are worse than the BDC.
Like someone wrote on a comment I made, yesterday it was 1700 to 1$ usdt,today it's near 1800 and I'm sure tomorrow it will be 1900.
I ask again,which economic activities are they doing that allows the exchange manipulate the Naira so blatantly,it's economic Terrorism.
Let binance show Nigerians the economic indices,the Algorithm,and the individuals in the Binance Economic Team that determine the daily value of the Naira to any crypto.
It's very very absurd for any entity to have the right to just wake up every day and assign a value to the Nigerian currency without having any methodology known to Government.
I believe that's what is called speculation.
Binance is very useful to me but I will never ever encourage the daily speculation going on in that exchange.
Binance must subject itself to some form of government regulation if it wants to continue operations In Nigeria,infact like I said earlier it must fix it's crypto value to the daily exchange rate release by the CBN,not the crazy bureau de change operators.
This is time to take patriotism over profit.
God bless my country Nigeria........

Thissystem:


https://dailypostngr.com/2024/02/update-binance-confirms-working-with-tinubu-govt-to-block-dollar-naira-exchange/

Faiththatworks:
I'm sure the people writing this article don't have a binance account,they just come online and report fabricated stories to scare people.
I bought usdt now on binance just to test if there's any ban on purchase and I sold some usdt on Monday without any issues.
I repeat what I wrote earlier today, binance is one of the major manipulators and speculators of our Currency,the Naira.
The rate at which they manipulate prices on that exchange is criminal,infact they are worse than the BDC.
Like someone wrote on a comment I made, yesterday it was 1700 to 1$ usdt,today it's near 1800 and I'm sure tomorrow it will be 1900.
I ask again,which economic activities are they doing that allows the exchange manipulate the Naira so blatantly,it's economic Terrorism.
Let binance show Nigerians the economic indices,the Algorithm,and the individuals in the Binance Economic Team that determine the daily value of the Naira to any crypto.
It's very very absurd for any entity to have the right to just wake up every day and assign a value to the Nigerian currency without having any methodology known to Government.
I believe that's what is called speculation.
Binance is very useful to me but I will never ever encourage the daily speculation going on in that exchange.
Binance must subject itself to some form of government regulation if it wants to continue operations In Nigeria,infact like I said earlier it must fix it's crypto value to the daily exchange rate release by the CBN,not the crazy bureau de change operators.
This is time to take patriotism over profit.
God bless my country Nigeria........