Binance Confirms Collaboration with FG to Block Dollar-Naira Exchange

In an unexpected turn of events, Binance, the world’s largest cryptocurrency trading platform, has confirmed its collaboration with President Bola Tinubu’s administration to block Nigerians from engaging in dollar-naira trade on its platform.

The announcement, made in a commitment to P2P users in Nigeria, warns users against manipulative behavior, indicating that non-compliance will lead to removal from the platform.

Binance outlines measures such as setting an upper limit for ads, removing bad ads, and requiring higher deposits for merchants posting ads to combat market manipulation.

As part of this collaboration, Binance disabled the sell option for Nigerian users, capped the buy option, and halted the purchase of cryptocurrencies via P2P. This move is seen as a desperate effort by the Tinubu-led government to stabilize the naira amidst its freefall against the dollar. Nigerian users criticize the decision, with some threatening to migrate to alternative platforms for dollar-naira trading.

The situation echoes past cryptocurrency restrictions in the country and comes amid broader economic measures to address currency speculation.